I 111th CONGRESS 1st Session H. R. 4208 IN THE HOUSE OF REPRESENTATIVES December 3, 2009 Mr. Perriello 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 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.

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