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Major estate tax relief for family farms and small businesses

This Act significantly increases the limit on the value of farm and business real estate that can be valued based on its current use, rather than its highest market potential, for estate tax purposes. This change aims to help families inherit farms and small businesses without being forced to sell them to cover high inheritance taxes. The new, higher limit is $13 million.
Key points
The limit on the value of farm and business real property eligible for preferential estate tax valuation increases from $750,000 to $13,000,000.
The change applies to real property used in farming or other family trades or businesses.
The new rules apply to the estates of individuals who pass away after the law is enacted.
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Additional Information
Print number: 118_HR_4937
Sponsor: Rep. Panetta, Jimmy [D-CA-19]
Process start date: 2023-07-26
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Summarized by: gemini-flash-latest
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Preserving Family Farms Act of 2023

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_4937.

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 2023-07-26.

What are the main provisions?

Key points include:

  • The limit on the value of farm and business real property eligible for preferential estate tax valuation increases from $750,000 to $13,000,000.
  • The change applies to real property used in farming or other family trades or businesses.
  • The new rules apply to the estates of individuals who pass away after 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-19].

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 2025-12-30.

CATEGORIES

Taxes Agriculture Family