3.0.0 4015 2023-01-11T13:17:20Z 2023-01-11T13:17:20Z House H HR 2009-11-04 111 hswm00 Ways and Means Committee House Standing Referred to 2009-11-04T15:00:45Z 2009-11-04 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2009-11-04 Introduced in House IntroReferral Intro-H 9 Library of Congress 2009-11-04 Introduced in House IntroReferral 1000 9 Library of Congress M001166 Rep. McNerney, Jerry [D-CA-11] Jerry McNerney D CA 11 N P000600 Rep. Perriello, Thomas S.P. [D-VA-5] Thomas Perriello D VA S.P. 5 2009-11-04 True Taxation Farmland Transfer and inheritance taxes Taxation 00 2009-11-04 Introduced in House 2009-12-07T19:38:25Z Family Farm and Small Business Tax Relief Act of 2009 - Extends the estate and gift tax rates in effect in 2009 by eliminating the general terminating date (i.e., December 31, 2010) in the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) applicable to such rates.

Amends the Internal Revenue Code to: (1) establish a permanent $3.5 million estate tax exclusion (adjusted for inflation) and a maximum estate and gift tax rate of 45% after 2010; (2) restore after 2010 the estate tax deduction for family-owned business interests and increase the amount of such deduction to $8 million (adjusted annually for inflation); and (3) exclude from the gross estate of a decedent the value of farmland used as a farm for farming purposes.

]]> Family Farm and Small Business Tax Relief Act of 2009 Display Title Family Farm and Small Business Tax Relief Act of 2009 Official Title as Introduced To amend the Internal Revenue Code of 1986 to extend certain estate tax provisions and restore and increase the estate tax deduction for certain family-owned business interests. Introduced in House IH Short Titles as Introduced Family Farm and Small Business Tax Relief Act of 2009 Introduced in House 2009-11-04T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-111hr4015ih/xml/BILLS-111hr4015ih.xml 2009-11-04 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.