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HR 1340 97th Congress House Taxation Agriculture and Rural Affairs Business and commerce Economics and Public Finance Estate tax Farm lands Farms Inflation Real property Small business Valuation

A bill to amend the Internal Revenue Code of 1954 to provide that the maximum reduction in valuation under the special estate tax valuation for certain farm, small business, and so forth, real…

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A bill to amend the Internal Revenue Code of 1954 to provide that the maximum reduction in valuation under the special estate tax valuation for certain farm, small business, and so forth, real property shall be increased to $1,000,000 and to provide an inflation adjustment for such amount.

Introduced: January 27, 1981 See on congress.gov
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This bill died when the 97th Congress ended
It never became law before the 97th Congress (1981–1982) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Aug 4, 1981
See H.R.4242.
Jan 27, 1981
Referred to House Committee on Ways and Means.
Jan 27, 1981
Introduced in House
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 Plain-English summary Congressional Research Service

Amends the Internal Revenue Code to provide that the maximum reduction (currently $500,000) in valuation under the special estate tax valuation for certain farm and small business real property shall be increased annually between 1981 and 1985 by $100,000 each year plus an inflation adjustment amount.

What's happening now August 4, 1981

See H.R.4242.

 Related & companion bills 1
  • HR 4242 Related bill Economic Recovery Tax Act of 1981
 Committees of jurisdiction 1
 Cosponsors 1
All 1 Republican 1
R
Smith, Christopher H.
New Jersey · Jan 27, 1981
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 1340: A bill to amend the Internal Revenue Code of 1954 to provide that the maximum reduction in valuation under the special estate tax valuation for certain farm, small business, and so forth, real property shall be increased to $1,000,000 and to provide an inflation adjustment for such amount.. 97th Congress. Open America. https://openamerica.io/bill/97-HR-1340/
MLA
"H.R. 1340: A bill to amend the Internal Revenue Code of 1954 to provide that the maximum reduction in valuation under the special estate tax valuation for certain farm, small business, and so forth, real property shall be increased to $1,000,000 and to provide an inflation adjustment for such amount.." 97th Congress, 2026, Open America, https://openamerica.io/bill/97-HR-1340/.
Bluebook (legal)
H.R. 1340, 97th Cong. (2026), https://openamerica.io/bill/97-HR-1340/.
Markdown link
[H.R. 1340: A bill to amend the Internal Revenue Code of 1954 to provide that the maximum reduction in valuation under the special estate tax valuation for certain farm, small business, and so forth, real property shall be increased to $1,000,000 and to provide an inflation adjustment for such amount.](https://openamerica.io/bill/97-HR-1340/)
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