H.R. 1624 · 109th Congress
Estate Tax Repeal for Family-Owned Farms and Businesses Act of 2005
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Never voted on. It didn't reach a floor vote before the 109th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
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ThompsonSponsor15 cosponsors · 15 D
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Berry
SB
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Bishop
LB
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Boswell
BC
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Cramer
DC
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Cardoza
BC
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Chandler
JC
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Costa
DH
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Hooley
SH
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Herseth Sandlin
SI
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Israel
CM
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McCarthy
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Salazar
ET
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Tauscher
SF
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Farr
LS
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Sanchez13 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Estate Tax Repeal for Family-Owned Farms and Businesses Act of 2005 - Amends the Internal Revenue Code to revise the estate tax exclusion for family-owned business interests. Repeals the maximum $675,000 deduction for such interests and allows heirs of qualified interests to exclude the adjusted value of such interests from the gross estate.
What it does: CRS summary · Introduced in House · Apr 13, 2005
Estate Tax Repeal for Family-Owned Farms and Businesses Act of 2005 - Amends the Internal Revenue Code to revise the estate tax exclusion for family-owned business interests. Repeals the maximum $675,000 deduction for such interests and allows heirs of qualified interests to exclude the adjusted value of such interests from the gross estate. Defines "qualified family-owned business interests" and revises ownership requirements and material participation rules applicable to family-owned business interests qualifying for the estate tax exclusion.
Provides that qualified family-owned business interests and spousal property acquired from a decedent shall be treated as transferred by gift and that the basis of such property shall be the lesser of the adjusted basis of the decedent, or the fair market value of such property at the date of the decedent's death (thus eliminating estate tax on such property).
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Estate Tax Repeal for Family-Owned Farms and Businesses Act of 2005
Latest action (Apr 13, 2005): Referred to the House Committee on Ways and Means.
Policy area: Taxation · Origin: House · Introduced: Apr 13, 2005
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.