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Increased Tax Relief for Family Farms and Businesses.

This new law raises the estate tax exemption for family farms and businesses, making it easier to pass them down through generations. This change can reduce financial burdens on heirs, helping to ensure the continuity of these operations. It applies to estates of individuals who pass away after the law's enactment.
Key points
The limit on estate tax valuation for certain real property used in farming or other businesses increases from $750,000 to $11,700,000.
This new limit will be adjusted for inflation annually, ensuring its relevance over time.
These changes apply to the estates of individuals dying after the date the law is enacted.
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Expired
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Additional Information
Print number: 117_HR_2370
Sponsor: Rep. Panetta, Jimmy [D-CA-20]
Process start date: 2021-04-05
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Preserving Family Farms Act of 2021

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_2370.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2021-04-05.

What are the main provisions?

Key points include:

  • The limit on estate tax valuation for certain real property used in farming or other businesses increases from $750,000 to $11,700,000.
  • This new limit will be adjusted for inflation annually, ensuring its relevance over time.
  • These changes apply to the estates of individuals dying after the date the law is enacted.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Panetta, Jimmy [D-CA-20].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-27.

CATEGORIES

Taxes Agriculture Family