S 3077
117th Congress
Senate
Taxation
Farmland
Tax administration and collection, taxpayers
Transfer and inheritance taxes
Preserving Family Farms Act of 2021
Introduced: October 26, 2021
Introduced by:
Cortez Masto, Catherine
Democratic
· Nevada
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Oct 26, 2021
Read twice and referred to the Committee on Finance.
Oct 26, 2021
Introduced in Senate
Plain-English summary
Preserving Family Farms Act of 2021
This bill increases to $11.7 million (currently, $750,000) the limitation on the special use valuation for farmland or other trades or businesses for estate tax purposes. The increased amount is adjusted for inflation for estates of decedents dying after 2021.
What's happening now
Read twice and referred to the Committee on Finance.
Committees of jurisdiction
1