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Introduced

HB4937: Preserving Family Farms Act of 2023

: Jimmy Panetta (D-US) : May 25, 2026 Updated: Jul 26, 2023
Taxation
Bill ProgressIntroduced
  1. 1Introduced (current step)
  2. 2Passed One Chamber
  3. 3Passed Both Chambers
  4. 4Became Law

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Bill information

Summary

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.

Plain-language summary

This bill would increase the estate tax exemption limit for family farms and businesses under federal tax law. The estate tax is a tax on property transferred when someone dies. Currently, there is a cap on how much farmland or business property value can be excluded from this tax. The bill aims to raise that cap so family farms face lower taxes when passed to heirs. The bill has been introduced in Congress but has not yet been considered by a .

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HB4937: Preserving Family Farms Act of 2023

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