119 S1927 IS: Helping Ensure Rural Inheritance Transfers Are Generationally Enduring Act U.S. Senate 2025-06-03 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

II 119th CONGRESS 1st Session S. 1927 IN THE SENATE OF THE UNITED STATES June 3, 2025 Mrs. Hyde-Smith introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To amend the Internal Revenue Code of 1986 to increase the limitation with respect to the aggregate reduction in fair market value of farmland for purposes of application of the estate tax.

1.

Short title

This Act may be cited as the Helping Ensure Rural Inheritance Transfers Are Generationally Enduring Act or the HERITAGE Act.

2.

Increase in limitation on aggregate reduction in fair market value of farmland

(a)

In general

Section 2032A(a)(2) of the Internal Revenue Code of 1986 is amended by striking shall not exceed $750,000 and inserting: shall not exceed— (A) in the case of qualified real property which was being used for a qualified use described in subparagraph (A) of subsection (b)(2), $15,000,000, and (B) in the case of qualified real property which was being used for a qualified use described in subparagraph (B) of such subsection, $750,000. . (b)

Conforming amendment

Section 2032A(a)(3) of the Internal Revenue Code of 1986 is amended— (1) in the matter preceding subparagraph (A), by striking the $750,000 amount and inserting each dollar amount, and (2) in subparagraph (A), by striking $750,000 and inserting such dollar amount. (c)

Effective date

The amendments made by this section shall apply to the estates of decedents dying after the date of the enactment of this Act.