HERITAGE Act

This bill would make it easier for families to keep their farms after a loved one dies. It raises the cap on how much the value of farmland can be reduced for estate tax purposes when the land is used in certain qualifying ways. For one qualifying category of farmland, the maximum reduction would jump to $15,000,000. Another category would have a cap of $750,000. This means some heirs could face a much smaller estate tax bill, making it more likely the farm stays in the family and in operation .

These changes would apply to the estates of people who die after the law takes effect. The bill also updates related language in the tax code to match the new dollar amounts .

• Who is affected: Heirs of people leaving farmland that meets qualifying use rules
• What changes: Raises the maximum possible value reduction for estate tax on qualifying farmland—up to $15,000,000 for one category; $750,000 for another
• When it starts: Applies to estates of people who die after the law is enacted