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HR 1624 109th Congress House Taxation Agriculture and Food Commerce Estate tax Families Family enterprises Family farms Finance and Financial Sector Tax deductions Tax exclusion Valuation

Estate Tax Repeal for Family-Owned Farms and Businesses Act of 2005

Introduced: April 13, 2005 Introduced by: Thompson, Mike Democratic · California See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Apr 13, 2005
Referred to the House Committee on Ways and Means.
Apr 13, 2005
Introduced in House
 Plain-English summary Congressional Research Service

Estate Tax Repeal for Family-Owned Farms and Businesses Act of 2005 - Amends the Internal Revenue Code to revise the estate tax exclusion for family-owned business interests. Repeals the maximum $675,000 deduction for such interests and allows heirs of qualified interests to exclude the adjusted value of such interests from the gross estate. Defines "qualified family-owned business interests" and revises ownership requirements and material participation rules applicable to family-owned business interests qualifying for the estate tax exclusion.

Provides that qualified family-owned business interests and spousal property acquired from a decedent shall be treated as transferred by gift and that the basis of such property shall be the lesser of the adjusted basis of the decedent, or the fair market value of such property at the date of the decedent's death (thus eliminating estate tax on such property).

What's happening now April 13, 2005

Referred to the House Committee on Ways and Means.

 Committees of jurisdiction 1
 Cosponsors 2
All 2 Democratic 2