S. 2200 · 112th Congress
Saving the Family Farm 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
LeeSponsorNo cosponsors.
Saving the Family Farm Act of 2012 - Amends the Internal Revenue Code to exclude from the gross estate of a decedent the adjusted value of any qualified family-owned farm or business (i.e., a qualified farmland or a qualified trade or business) included in the estate.
What it does: CRS summary · Introduced in Senate · Mar 15, 2012
Saving the Family Farm Act of 2012 - Amends the Internal Revenue Code to exclude from the gross estate of a decedent the adjusted value of any qualified family-owned farm or business (i.e., a qualified farmland or a qualified trade or business) included in the estate. Requires: (1) the decedent to have been a citizen or resident of the United States at the time of death, (2) the decedent and members of the decedent's family to have owned not less than 60% of such farm or business in any 5-year period during the 8-year period prior to the decedent's death, and (3) material participation in the operation of the farm or business by the decedent and members of the decedent's family.
Defines "qualified farmland" as any real property located in the United States that is used as a farm for farming purposes. Defines "qualified trade or business" as any interest in a trade or business that is not an interest in a C corporation and that was acquired from or passed from the decedent to an heir.
Imposes a recapture tax on an heir who disposes of any interest in a qualified family-owned farm or business or who ceases to use qualified farmland for farming purposes after inheriting such property.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Saving the Family Farm Act of 2012
Latest action (Mar 15, 2012): Read twice and referred to the Committee on Finance.
Policy area: Taxation · Origin: Senate · Introduced: Mar 15, 2012
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.