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US SB1927
Bill
AI Summary
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Increases the special-use valuation cap for farmland under IRC Section 2032A from $750,000 to $15,000,000, allowing farm families to reduce the taxable estate value of qualifying agricultural property by up to $15 million
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Maintains the existing $750,000 cap for other qualified real property used in closely held businesses (non-farming qualified uses)
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Preserves inflation adjustments for both the new $15 million farmland cap and the $750,000 cap for other qualified property
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Applies to estates of decedents dying after the date of enactment
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Introduced by Senator Hyde-Smith on June 3, 2025, and referred to the Senate Finance Committee
Legislative Description
HERITAGE Act Helping Ensure Rural Inheritance Transfers Are Generationally Enduring Act
Taxation
Last Action
Read twice and referred to the Committee on Finance.
6/3/2025