[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[S. 47 Introduced in Senate (IS)]

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115th CONGRESS
  1st Session
                                 S. 47

To prevent proposed regulations relating to restrictions on liquidation 
 of an interest with respect to estate, gift, and generation-skipping 
                   transfer taxes from taking effect.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                            January 5, 2017

  Mr. Rubio (for himself, Mrs. Fischer, and Mr. Moran) introduced the 
 following bill; which was read twice and referred to the Committee on 
                                Finance

_______________________________________________________________________

                                 A BILL


 
To prevent proposed regulations relating to restrictions on liquidation 
 of an interest with respect to estate, gift, and generation-skipping 
                   transfer taxes from taking effect.

    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 ``Protect Family Farms and Businesses 
Act''.

SEC. 2. PROPOSED REGULATIONS RELATING TO RESTRICTIONS ON LIQUIDATION OF 
              AN INTEREST WITH RESPECT TO ESTATE, GIFT, AND GENERATION-
              SKIPPING TRANSFER TAXES PREVENTED FROM TAKING EFFECT.

    The proposed regulations under section 2704 of the Internal Revenue 
Code of 1986 relating to restrictions on liquidation of an interest 
with respect to estate, gift, and generation-skipping transfer taxes, 
published on August 4, 2016, in the Federal Register (81 Fed. Reg. 
51413) shall have no force or effect. No Federal funds may be used to 
finalize, implement, administer, or enforce such proposed regulations 
or any substantially similar regulations.
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