Defining estate tax regulations for farmers has been a hot topic this year. In an effort to preserve family farms for generations to come, Rep. Jimmy Panetta (D-CA) and Rep. Jackie Walorski (R-IN) introduced the bipartisan Preserving Family Farms Act.
The legislation would help family-owned farms continue operations after a loved one has passed by easing the burden of the estate tax. The bill would modernize the special use valuation provision of the estate tax by increasing the amount of farmland that can be valued for farming operations rather than development value. This would protect family-owned farmland by assessing estate taxes on the actual value of their businesses that they, in many cases, have spent decades cultivating. Read the rest of the article here.