Skip to main content
CivicGate

S 1927
Introduced Re-checks Congress.gov for new actions and updates the bill's status, and fills in any sponsors, committees, or related bills that are missing. It does not re-pull sponsors/cosponsors/committees/related — those rarely change — and it skips all work if nothing has changed upstream, so it's cheap to click.

HERITAGE Act

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.

Introduced Jun 3, 2025

Latest action (Jun 3, 2025) Read twice and referred to the Committee on Finance.

Referred to
Finance Committee
Policy area
Taxation
Issues
Economy & Taxes

Summary
  • Increases the estate tax deduction limit for agricultural real property from $750,000 to $15,000,000.
  • Maintains the $750,000 estate tax deduction limit for non-agricultural qualified real property.
  • Makes conforming amendments to the Internal Revenue Code to reflect the increased deduction limit.
  • Applies to estates of decedents dying after the date of enactment.

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)
  1. Jun 3, 2025 Read twice and referred to the Committee on Finance. · senate
  2. 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.

  • S 1603 — Preserving Rural Housing Investments Act · Introduced May 6, 2025 · Cong. 119 73%
  • HR 364 — Territorial Tax Equity and Economic Growth Act of 2025 · Introduced Jan 13, 2025 · Cong. 119 70%
  • HR 4352 — HOMES Act · Introduced Jul 10, 2025 · Cong. 119 69%
  • HR 3588 — Real Estate Reciprocity Act · Introduced May 23, 2025 · Cong. 119 69%
  • HR 367 — Territorial Tax Parity and Clarification Act · Introduced Jan 13, 2025 · Cong. 119 69%
  • S 930 — A bill to amend the Internal Revenue Code of 1986 to exclude from gross income capital gains from the sale of certain farmland property which are reinvested in individual retirement plans. · Introduced Mar 11, 2025 · Cong. 119 69%

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>

Comments

Comments

Loading comments…