S. 1927

119th CONGRESS 1st Session

To amend the Internal Revenue Code of 1986 to increase the limitation with respect to the aggregate reduction in fair market value of farmland for purposes of application of the estate tax.

IN THE SENATE OF THE UNITED STATES · June 3, 2025 · Sponsor: Mrs. Hyde-Smith · Committee: Committee on Finance

Table of contents

• S. 1927
  • SEC. 1. Short title
  • SEC. 2. Increase in limitation on aggregate reduction in fair market value of farmland

SEC. 1. Short title

• This Act may be cited as the or the .

SEC. 2. Increase in limitation on aggregate reduction in fair market value of farmland

• (a) In general
  • of the Internal Revenue Code of 1986 is amended by striking and inserting: Section 2032A(a)(2)
    • shall not exceed—
      • in the case of qualified real property which was being used for a qualified use described in subparagraph (A) of subsection (b)(2), $15,000,000, and
      • in the case of qualified real property which was being used for a qualified use described in subparagraph (B) of such subsection, $750,000.
• (b) Conforming amendment
  • of the Internal Revenue Code of 1986 is amended— Section 2032A(a)(3)
    • in the matter preceding subparagraph (A), by striking the $750,000 amountand inserting each dollar amount, and
    • in subparagraph (A), by striking $750,000and inserting such dollar amount.
• (c) Effective date
  • The amendments made by this section shall apply to the estates of decedents dying after the date of the enactment of this Act.