[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4208 Introduced in House (IH)]

111th CONGRESS
  1st Session
                                H. R. 4208

 To amend the Internal Revenue Code of 1986 to increase the limitation 
    on the reduction in fair market value of real property used for 
farming, or in another trade or business, for purposes of estate taxes.


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                    IN THE HOUSE OF REPRESENTATIVES

                            December 3, 2009

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

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                                 A BILL


 
 To amend the Internal Revenue Code of 1986 to increase the limitation 
    on the reduction in fair market value of real property used for 
farming, or in another trade or business, for purposes of estate taxes.

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

SECTION 1. INCREASE IN AGGREGATE REDUCTION IN FAIR MARKET VALUE ALLOWED 
              UNDER SPECIAL USE VALUATION.

    (a) In General.--Section 2032A(a) of such Code is amended--
            (1) by striking ``$750,000'' in paragraph (2) and inserting 
        ``$3,500,000'',
            (2) by striking ``1998'' in paragraph (3) and inserting 
        ``2010'',
            (3) by striking ``$750,000'' in paragraph (3) and inserting 
        ``$3,500,000'', and
            (4) by striking ``1997'' in paragraph (3) and inserting 
        ``2009''.
    (b) Effective Date.--The amendments made by this section shall 
apply to estates of decedents dying after the date of the enactment of 
this Act
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