117 S3077 IS: Preserving Family Farms Act of 2021 U.S. Senate 2021-10-26 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

II117th CONGRESS1st SessionS. 3077IN THE SENATE OF THE UNITED STATESOctober 26, 2021Ms. Cortez Masto introduced the following bill; which was read twice and referred to the Committee on FinanceA BILLTo 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.

1.

Short title

This Act may be cited as the Preserving Family Farms Act of 2021.

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.