3.0.0 928 2019-11-15T21:52:41Z 2019-11-15T21:52:41Z Senate S S 2005-04-27 109 ssfi00 Finance Committee Senate Standing Referred to 2005-04-27T20:43:46Z Estate Tax Repeal for Family-Owned Farms and Businesses Act of 2005 109 1624 HR 2005-04-13 Referred to the House Committee on Ways and Means. Related bill CRS 2005-04-27 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S4423-4425) IntroReferral 2005-04-27 Sponsor introductory remarks on measure. (CR S4422-4423) IntroReferral B00100 9 Library of Congress 2005-04-27 Introduced in Senate IntroReferral 10000 9 Library of Congress L000035 Sen. Lincoln, Blanche L. [D-AR] BLANCHE LINCOLN D AR LAMBERT N Taxation Agriculture and Food Commerce Estate tax Families Family enterprises Family farms Finance and Financial Sector Tax deductions Tax exclusion Valuation Taxation 00 2005-04-27 Introduced in Senate 2005-06-04T16:46:48Z Estate Tax Repeal Acceleration (ExTRA) for Family-Owned Businesses and Farms Act - Amends the Internal Revenue Code to revise the estate tax exclusion provisions applicable to family-owned business interests.

Allows an exclusion from the gross estate for the adjusted value of certain family business interests acquired from a decedent (carryover business interests). Defines "carryover business interests" and revises ownership requirements and material participation rules applicable to such interests.

Provides that carryover business interests 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 the estate tax on such property).

]]> Estate Tax Repeal Acceleration (ExTRA) for Family-Owned Businesses and Farms Act Short Titles as Introduced Estate Tax Repeal Acceleration (ExTRA) for Family-Owned Businesses and Farms Act Display Title Estate Tax Repeal Acceleration (ExTRA) for Family-Owned Businesses and Farms Act Official Title as Introduced A bill 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 Senate 2005-04-27T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-109s928is/xml/BILLS-109s928is.xml 2005-04-27 Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S4423-4425) 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.