H.R. 5475 · 111th Congress
Family Farm Estate Tax Relief Act of 2010
- Stage
- In committee
- Sponsor
- Mike Thompson
- Introduced
- 2010-05-28
- Latest action
- 2010-06-07 · Referred to the Subcommittee on Health.
Summary
Family Farm Estate Tax Relief Act of 2010 - Amends the Internal Revenue Code to: (1) exclude from the value of a decedent's gross estate farmland used by an heir for farming purposes; (2) impose a recapture tax on an heir who disposes of such farmland after the decedent's death or who ceases to use such farmland for farming purposes; and (3) increase the limitation on the estate tax exclusion for land subject to a qualified conservation easement to $5 million and the percentage of the value of such land that is excludable.