[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[H.R. 585 Introduced in House (IH)]







107th CONGRESS
  1st Session
                                H. R. 585

 To amend the Internal Revenue Code of 1986 to increase to $10,000,000 
 the maximum estate tax deduction for family-owned business interests.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           February 13, 2001

   Mr. Larsen of Washington introduced the following bill; which was 
              referred to the Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
 To amend the Internal Revenue Code of 1986 to increase to $10,000,000 
 the maximum estate tax deduction for family-owned business interests.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Family Farm and Business Protection 
Act of 2001''.

SEC. 2. INCREASE IN ESTATE TAX DEDUCTION FOR FAMILY-OWNED BUSINESS 
              INTERESTS.

    (a) In General.--Subsection (a) of section 2057 of the Internal 
Revenue Code of 1986 (relating to family-owned business interests) is 
amended by striking paragraphs (2) and (3) and by inserting after 
paragraph (1) the following new paragraph:
            ``(2) Maximum deduction.--The deduction allowed by this 
        section shall not exceed $10,000,000.''
    (b) Effective Date.--The amendment made by subsection (a) shall 
apply to estates of decedents dying after December 31, 2000.
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