[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2251 Introduced in House (IH)]







108th CONGRESS
  1st Session
                                H. R. 2251

To amend the Internal Revenue Code of 1986 to treat as a qualified use 
 for purposes of section 2032A land rented on a net cash basis to any 
                    member of the decedent's family.


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                    IN THE HOUSE OF REPRESENTATIVES

                              May 22, 2003

 Mr. Moran of Kansas 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 treat as a qualified use 
 for purposes of section 2032A land rented on a net cash basis to any 
                    member of the decedent's family.

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

SECTION 1. LAND RENTED ON NET CASH BASIS TO MEMBER OF DECEDENT'S FAMILY 
              TREATED AS QUALIFIED USE FOR ALTERNATIVE FARM VALUATION 
              OF PROPERTY UNDER SECTION 2032A.

    (a) In General.--Subparagraph (E) of section 2032A(c)(7) of the 
Internal Revenue Code of 1986 (relating to certain rents treated as 
qualified use) is amended by striking ``member of the family of such 
spouse or descendant'' and inserting ``member of the family of such 
decedent''.
    (b) Effective Date.--The amendment made by subsection (a) shall 
apply with respect to leases entered into after December 31, 1976.
    (c) Waiver of Statute of Limitations.--If on the date of the 
enactment of this Act (or at any time within 1 year after the date of 
the enactment) a refund or credit of any overpayment of tax resulting 
from the amendment made by subsection (a) is barred by any law or rule 
of law, the refund or credit of such overpayment shall, nevertheless, 
be made or allowed if claim therefor is filed before the date 1 year 
after the date of the enactment of this Act.
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