H.R. 6271 · 112th Congress
Family Farm and Small Business Tax Relief Act of 2012
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Never voted on. It didn't reach a floor vote before the 112th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
TiptonSponsorNo cosponsors.
Family Farm and Small Business Tax Relief Act of 2012 - Amends the Internal Revenue Code to exclude from a decedent's gross estate, for estate tax purposes, the adjusted value of qualified farmland and qualified family-owned business interests.
What it does: CRS summary · Introduced in House · Aug 1, 2012
Family Farm and Small Business Tax Relief Act of 2012 - Amends the Internal Revenue Code to exclude from a decedent's gross estate, for estate tax purposes, the adjusted value of qualified farmland and qualified family-owned business interests.
Imposes an additional estate tax if, within 10 years after the decedent's death and before the date of the qualified heir's death: (1) qualified farmland ceases to be used for farming purposes or is sold outside of the qualified heir's family; or (2) material participation requirements for a qualified family-owned business interest are not met, the business ceases to be located in the United States, or the business is sold outside the qualified heir's family.
Makes permanent estate tax provisions of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Family Farm and Small Business Tax Relief Act of 2012
Latest action (Aug 1, 2012): Referred to the House Committee on Ways and Means.
Policy area: Taxation · Origin: House · Introduced: Aug 1, 2012
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.