S 3664
111th Congress
Senate
Taxation
Contracts and agency
Farmland
Land transfers
Land use and conservation
Transfer and inheritance taxes
Family Farm Estate Tax Deferral Act of 2010
Introduced: July 28, 2010
See on congress.gov
Everywhere this bill has been
3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 28, 2010
Read twice and referred to the Committee on Finance.
Jul 28, 2010
Sponsor introductory remarks on measure. (CR S6440-6441)
Jul 28, 2010
Introduced in Senate
Plain-English summary
Family Farm Estate Tax Deferral Act of 2010 - Amends the Internal Revenue Code to: (1) exclude from the value of a decedent's gross estate farmland used by the decedent or a member of the decedent's family for farming purposes for periods aggregating five years or more during the eight-year period ending on the date of the decedent's death; (2) impose a recapture tax on an heir who disposes of such farmland after the decedent's death or who ceases to use such farmland for farming purposes; and (3) increase the limitation on the estate tax exclusion for land subject to a qualified conservation easement to $5 million and the percentage of the value of such land that is excludable.
What's happening now
Read twice and referred to the Committee on Finance.
Committees of jurisdiction
1