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To amend the Internal Revenue Code of 1986 to increase the limitation with respect to the aggregate reduction in fair market value of farmland for purposes of application of the estate tax.
Summary
This bill increases the estate tax reduction limit for farmland by amending the Internal Revenue Code. Specifically, it raises the maximum reduction in fair market value that can be applied to agricultural farmland from $750,000 to $15,000,000 when calculating estate taxes on a farmer's property transfer. Non-agricultural qualified real property would continue to use the $750,000 limit. The higher limit applies to estates of decedents dying after the bill's enactment, allowing family farms to pass to heirs with a larger estate tax deduction.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
Actions (2)
- Jun 3, 2025 Read twice and referred to the Committee on Finance. · senate
- Jun 3, 2025 Introduced in Senate
Similar bills (6)
Bills with similar text or summary — includes reintroductions across Congresses. Ranked by semantic similarity of the bill text (computed locally); a neutral discovery aid, not a claim the bills are duplicates.
Full text
IN THE SENATE OF THE UNITED STATES
June 3, 2025
Mrs. Hyde-Smith introduced the following bill; which was read twice and referred to the Committee on Finance
A BILL
To amend the Internal Revenue Code of 1986 to increase the limitation with respect to the aggregate reduction in fair market value of farmland for purposes of application of the estate tax.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the “Helping Ensure Rural Inheritance Transfers Are Generationally Enduring Act” or the “HERITAGE Act”.
SEC. 2. INCREASE IN LIMITATION ON AGGREGATE REDUCTION IN FAIR MARKET VALUE OF FARMLAND.
(a) In General.—Section 2032A(a)(2) of the Internal Revenue Code of 1986 is amended by striking “shall not exceed $750,000” and inserting: “shall not exceed—
“(A) in the case of qualified real property which was being used for a qualified use described in subparagraph (A) of subsection (b)(2), $15,000,000, and
“(B) in the case of qualified real property which was being used for a qualified use described in subparagraph (B) of such subsection, $750,000.”.
(b) Conforming Amendment.—Section 2032A(a)(3) of the Internal Revenue Code of 1986 is amended—
(1) in the matter preceding subparagraph (A), by striking “the $750,000 amount” and inserting “each dollar amount”, and
(2) in subparagraph (A), by striking “$750,000” and inserting “such dollar amount”.
(c) Effective Date.—The amendments made by this section shall apply to the estates of decedents dying after the date of the enactment of this Act. <all>
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