3.0.0 6271 2022-02-03T05:54:19Z 2022-02-03T05:54:19Z House H HR 2012-08-01 112 From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. TIPTON:H.R. 6271.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8, Clause 1.____________________[Page H5630]]]> hswm00 Ways and Means Committee House Standing Referred to 2012-08-01T14:03:05Z 2012-08-01 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2012-08-01 Introduced in House IntroReferral Intro-H 9 Library of Congress 2012-08-01 Introduced in House IntroReferral 1000 9 Library of Congress T000470 Rep. Tipton, Scott R. [R-CO-3] Scott Tipton R CO R. 3 N Taxation Farmland Tax treatment of families Transfer and inheritance taxes Taxation 00 2012-08-01 Introduced in House 2012-09-28T15:55:31Z Family Farm and Small Business Tax Relief Act of 2012 - Amends the Internal Revenue Code to exclude from a decedent's gross estate, for estate tax purposes, the adjusted value of qualified farmland and qualified family-owned business interests.

Imposes an additional estate tax if, within 10 years after the decedent's death and before the date of the qualified heir's death: (1) qualified farmland ceases to be used for farming purposes or is sold outside of the qualified heir's family; or (2) material participation requirements for a qualified family-owned business interest are not met, the business ceases to be located in the United States, or the business is sold outside the qualified heir's family.

Makes permanent estate tax provisions of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010.

]]> Family Farm and Small Business Tax Relief Act of 2012 Short Titles as Introduced Family Farm and Small Business Tax Relief Act of 2012 Display Title Family Farm and Small Business Tax Relief Act of 2012 Official Title as Introduced To amend the Internal Revenue Code of 1986 to exclude certain farmland and family-owned business interests from the value of the gross estate of decedents. Introduced in House 2012-08-01T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-112hr6271ih/xml/BILLS-112hr6271ih.xml 2012-08-01 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.