3.0.0 1624 2019-11-15T21:48:09Z 2019-11-15T21:48:09Z House H HR 2005-04-13 109 hswm00 Ways and Means Committee House Standing Referred to 2005-04-13T13:58:35Z Estate Tax Repeal Acceleration (ExTRA) for Family-Owned Businesses and Farms Act 109 928 S 2005-04-27 Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S4423-4425) Related bill CRS 2005-04-13 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2005-04-13 Introduced in House IntroReferral Intro-H 9 Library of Congress 2005-04-13 Introduced in House IntroReferral 1000 9 Library of Congress T000460 Rep. Thompson, Mike [D-CA-1] MIKE THOMPSON D CA 1 N B000652 Rep. Boswell, Leonard L. [D-IA-3] LEONARD BOSWELL D IA L. 3 2005-04-13 True S001158 Rep. Salazar, John T. [D-CO-3] John Salazar D CO T. 3 2005-04-13 True C000868 Rep. Cramer, Robert E. (Bud), Jr. [D-AL-5] ROBERT CRAMER D AL E. 5 2005-04-13 True B000490 Rep. Bishop, Sanford D., Jr. [D-GA-2] SANFORD BISHOP D GA D. 2 2005-04-13 True H001037 Rep. Herseth, Stephanie [D-SD-At Large] Stephanie Herseth D SD 0 2005-04-13 True C001058 Rep. Chandler, Ben [D-KY-6] Ben Chandler D KY 6 2005-04-13 True T000057 Rep. Tauscher, Ellen O. [D-CA-10] ELLEN TAUSCHER D CA O. 10 2005-04-13 True C001059 Rep. Costa, Jim [D-CA-20] Jim Costa D CA 20 2005-04-13 True I000057 Rep. Israel, Steve [D-NY-2] STEVE ISRAEL D NY 2 2005-04-13 True C001050 Rep. Cardoza, Dennis A. [D-CA-18] Dennis Cardoza D CA A. 18 2005-04-13 True B000420 Rep. Berry, Marion [D-AR-1] MARION BERRY D AR 1 2005-04-13 True M000309 Rep. McCarthy, Carolyn [D-NY-4] CAROLYN MCCARTHY D NY 4 2005-04-13 True H000762 Rep. Hooley, Darlene [D-OR-5] DARLENE HOOLEY D OR 5 2005-04-13 True F000030 Rep. Farr, Sam [D-CA-17] SAM FARR D CA 17 2005-04-14 False S000030 Rep. Sanchez, Loretta [D-CA-47] LORETTA SANCHEZ D CA 47 2005-04-14 False Taxation Agriculture and Food Commerce Estate tax Families Family enterprises Family farms Finance and Financial Sector Tax deductions Tax exclusion Valuation Taxation 00 2005-04-13 Introduced in House 2005-05-16T18:24:30Z Estate Tax Repeal for Family-Owned Farms and Businesses Act of 2005 - Amends the Internal Revenue Code to revise the estate tax exclusion for family-owned business interests. Repeals the maximum $675,000 deduction for such interests and allows heirs of qualified interests to exclude the adjusted value of such interests from the gross estate. Defines "qualified family-owned business interests" and revises ownership requirements and material participation rules applicable to family-owned business interests qualifying for the estate tax exclusion.

Provides that qualified family-owned business interests and spousal property acquired from a decedent shall be treated as transferred by gift and that the basis of such property shall be the lesser of the adjusted basis of the decedent, or the fair market value of such property at the date of the decedent's death (thus eliminating estate tax on such property).

]]> Estate Tax Repeal for Family-Owned Farms and Businesses Act of 2005 Short Titles as Introduced Estate Tax Repeal for Family-Owned Farms and Businesses Act of 2005 Display Title Estate Tax Repeal for Family-Owned Farms and Businesses Act of 2005 Official Title as Introduced To amend the Internal Revenue Code of 1986 to provide for the immediate and permanent repeal of the estate tax on family-owned businesses and farms, and for other purposes. Introduced in House 2005-04-13T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-109hr1624ih/xml/BILLS-109hr1624ih.xml 2005-04-13 Referred to the House Committee on Ways and Means. 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. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.