US Congress House Bill 6271 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on August 1 2012 - 25% progression, died in committee
Action: 2012-08-01 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]

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.

Family Farm and Small Business Tax Relief Act of 2012

Rep. Scott Tipton [R-CO]

Date	Chamber	Action
2012-08-01	House	Referred to the House Committee on Ways and Means.

Type	Source
Summary	https://www.congress.gov/bill/112th-congress/house-bill/6271/all-info
Text	https://www.congress.gov/112/bills/hr6271/BILLS-112hr6271ih.pdf