Introduced:
Jun 3, 2025
Policy Area:
Taxation
Congress.gov:
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2
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0
Summaries
1
Subjects
1
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Latest Action
Jun 3, 2025
Read twice and referred to the Committee on Finance.
Actions (2)
Read twice and referred to the Committee on Finance.
Type: IntroReferral
| Source: Senate
Jun 3, 2025
Introduced in Senate
Type: IntroReferral
| Source: Library of Congress
| Code: 10000
Jun 3, 2025
Subjects (1)
Taxation
(Policy Area)
Full Bill Text
Length: 2,322 characters
Version: Introduced in Senate
Version Date: Jun 3, 2025
Last Updated: Nov 14, 2025 6:19 AM
[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 1927 Introduced in Senate
(IS) ]
<DOC>
119th CONGRESS
1st Session
S. 1927
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.
_______________________________________________________________________
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,
[From the U.S. Government Publishing Office]
[S. 1927 Introduced in Senate
(IS) ]
<DOC>
119th CONGRESS
1st Session
S. 1927
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.
_______________________________________________________________________
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.
This Act may be cited as the ``Helping Ensure Rural Inheritance
Transfers Are Generationally Enduring Act'' or the ``HERITAGE Act''.
SEC. 2.
VALUE OF FARMLAND.
(a) In General.--
(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.
(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''.
(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.
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