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117TH CONGRESS
1ST SESSION H. R. 2370
To amend the Internal Revenue Code of 1986 to increase the limitation
on the estate tax valuation of certain real property used in farming
or other trades or businesses.
IN THE HOUSE OF REPRESENTATIVES
APRIL 5, 2021
Mr. PANETTA (for himself and Mrs. WALORSKI) introduced the following bill;
which was referred to the Committee on Ways and Means
A BILL
To amend the Internal Revenue Code of 1986 to increase
the limitation on the estate tax valuation of certain real
property used in farming or other trades or businesses.
Be it enacted by the Senate and House of Representa-
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tives of the United States of America in Congress assembled,
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SECTION 1. SHORT TITLE.
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This Act may be cited as the ‘‘Preserving Family
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Farms Act of 2021’’.
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•HR 2370 IH
SEC. 2. INCREASE IN LIMITATION ON THE ESTATE TAX
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VALUATION OF CERTAIN REAL PROPERTY
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USED IN FARMING OR OTHER TRADES OR
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BUSINESSES.
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(a) IN GENERAL.—Section 2032A(a)(2) of the Inter-
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nal Revenue Code of 1986 is amended by striking
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‘‘$750,000’’ and inserting ‘‘$11,700,000’’.
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(b) INFLATION ADJUSTMENT.—Section 2032A(a)(3)
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of such Code is amended—
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(1) by striking ‘‘$750,000’’ both places it ap-
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pears and inserting ‘‘$11,700,000’’,
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(2) by striking ‘‘1998’’ in the matter preceding
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subparagraph (A) and inserting ‘‘2021’’, and
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(3) by striking ‘‘1997’’ in subparagraph (B)
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and inserting ‘‘2020’’.
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(c) EFFECTIVE DATE.—The amendments made by
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this section shall apply to the estates of decedents dying
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after the date of the enactment of this Act.
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Æ
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