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119-s-1927119th CongressWALLET

HERITAGE Act

Sponsored By: Senator Hyde-Smith, Cindy [R-MS]

Introduced

Summary

Creates a bigger estate-tax valuation break for qualifying family farms. This bill would amend Section 2032A to replace the single $750,000 valuation cap with a two-tier limit tied to how the land is used.

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Bill Overview

Analyzed Economic Effects

1 provisions identified: 1 benefits, 0 costs, 0 mixed.

Bigger estate tax break for farms

If enacted, the bill would let estates with certain farm real property reduce taxable estate value by up to $15,000,000. For other qualifying farm property, the cap would remain $750,000. These changes would apply to estates of people who die after the law is enacted.

Sponsors & CoSponsors

Sponsor

Hyde-Smith, Cindy [R-MS]

MS • R

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

No roll call votes available for this bill.

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