S 1927
Heritage act
Heritage Act
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- Passed Senate
- Passed House
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- Became Law
Bill overview
This bill, the Heritage Act, modifies the estate tax rules regarding farmland. Specifically, it increases the amount of a farm's fair market value that can be deducted when calculating the estate tax. This change aims to provide greater tax relief for farmers and landowners passing their property to the next generation, particularly for larger farms used for specific agricultural purposes. The bill clarifies the deductions available for qualified farmland.
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