[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[S. 3077 Introduced in Senate (IS)]

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117th CONGRESS
  1st Session
                                S. 3077

 To amend the Internal Revenue Code of 1986 to increase the limitation 
on the estate tax valuation of certain real property used in farming or 
                      other trades or businesses.


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                   IN THE SENATE OF THE UNITED STATES

                            October 26, 2021

 Ms. Cortez Masto introduced the following bill; which was read twice 
                and referred to the Committee on Finance

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                                 A BILL


 
 To amend the Internal Revenue Code of 1986 to increase the limitation 
on the estate tax valuation of certain real property used in farming or 
                      other trades or businesses.

    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 ``Preserving Family Farms Act of 
2021''.

SEC. 2. INCREASE IN LIMITATION ON THE ESTATE TAX VALUATION OF CERTAIN 
              REAL PROPERTY USED IN FARMING OR OTHER TRADES OR 
              BUSINESSES.

    (a) In General.--Section 2032A(a)(2) of the Internal Revenue Code 
of 1986 is amended by striking ``$750,000'' and inserting 
``$11,700,000''.
    (b) Inflation Adjustment.--Section 2032A(a)(3) of such Code is 
amended--
            (1) by striking ``$750,000'' both places it appears and 
        inserting ``$11,700,000'',
            (2) by striking ``1998'' in the matter preceding 
        subparagraph (A) and inserting ``2021'', and
            (3) by striking ``1997'' in subparagraph (B) and inserting 
        ``2020''.
    (c) Effective Date.--The amendments made by this section shall 
apply to the estates of decedents dying after the date of the enactment 
of this Act.
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