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Increased Tax Relief for Family Farms and Businesses.

This new law significantly raises the limit on the value of farm and business real estate that can be exempt from estate tax. This change will make it easier for families operating farms or small businesses to pass on their assets to the next generation without facing high tax burdens after the owner's death.
Key points
The limit for real estate exempt from estate tax increases from $750,000 to $11,700,000.
These changes apply to estates of individuals who die after the law's enactment.
The act aims to facilitate the inheritance of family farms and small businesses by reducing financial burdens on heirs.
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Expired
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Additional Information
Print number: 117_S_3077
Sponsor: Sen. Cortez Masto, Catherine [D-NV]
Process start date: 2021-10-26
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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_S_3077.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2021-10-26.

What are the main provisions?

Key points include:

  • The limit for real estate exempt from estate tax increases from $750,000 to $11,700,000.
  • These changes apply to estates of individuals who die after the law's enactment.
  • The act aims to facilitate the inheritance of family farms and small businesses by reducing financial burdens on heirs.
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 Sen. Cortez Masto, Catherine [D-NV].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

CATEGORIES

Taxes Family Agriculture