A new California bill, if passed, could help Central Coast families retain family-owned farms and ranch land as they are passed down from generation to generation.
This week, Congressman Jimmy Panetta introduced the Preserving Family Farms Act which aims to help family-owned farms continue operations by updating the special use valuation provision of the estate tax.
Joined by Jackie Walorski (R-IN-02), Panetta s act would increase the amount of farmland that can be valued for family farming operations and decrease the amount of farmland that must be valued for development purposes when someone inherits the property.
“Estate taxes on family-owned farms have forced families to split up the land they have spent generations building,” Panetta said in a press release. “Our Preserving Family Farms Act would ease this burden by ensuring that these farms are appraised by the value of their business, rather than development value.
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Apr 10, 2021 6:25 AM
(SPRINGFIELD) In the past month, legislation has been introduced in Congress calling for the complete repeal of the estate tax and modernization of the special use valuation, both bills of which are supported by the American Farm Bureau Federation. While the Death Tax Repeal Act of 2021 calls for a complete repeal of the federal estate tax, often referred to as the “death” tax, which officials say threatens more than 74,000 family farms and half of all farmland in the United States, the Preserving Family Farms Act of 2021 looks to increase the amount of farmland that can be valued for farming rather than commercial development, effectively modernizing the special use valuation provision. The AFBF calls on Congress to past both bills.
(NAFB) – House lawmakers recently introduced the Preserving Family Farms Act of 2021, a priority for the National Cattlemen’s Beef Association.
NCBA has long supported efforts to reduce tax burdens on farmers and ranchers. This bipartisan legislation to expand IRS Code Section 2032A would allow cattle producers to take advantage of the Special Use Valuation and protect family-owned businesses from the impact of the federal estate tax, commonly referred to as the Death Tax.
The Preserving Family Farms Act increases the maximum amount allowed under the exemption from $750,000 to $11 million, indexed for inflation, thus reviving an important tool in the toolbox for farm and ranch families across the U.S., according to NCBA.
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