S. 928 · 109th Congress
Estate Tax Repeal Acceleration (ExTRA) for Family-Owned Businesses and Farms Act
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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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LincolnSponsorNo cosponsors.
Estate Tax Repeal Acceleration (ExTRA) for Family-Owned Businesses and Farms Act - Amends the Internal Revenue Code to revise the estate tax exclusion provisions applicable to family-owned business interests.
What it does: CRS summary · Introduced in Senate · Apr 27, 2005
Estate Tax Repeal Acceleration (ExTRA) for Family-Owned Businesses and Farms Act - Amends the Internal Revenue Code to revise the estate tax exclusion provisions applicable to family-owned business interests.
Allows an exclusion from the gross estate for the adjusted value of certain family business interests acquired from a decedent (carryover business interests). Defines "carryover business interests" and revises ownership requirements and material participation rules applicable to such interests.
Provides that carryover business interests 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 the 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 Acceleration (ExTRA) for Family-Owned Businesses and Farms Act
Latest action (Apr 27, 2005): Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S4423-4425)
Policy area: Taxation · Origin: Senate · Introduced: Apr 27, 2005
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.