Section 1 Short title
This Act may be cited as the “Preserving Family Farms Act of 2019”.
Preserving Family Farms Act of 2019
A BILL
To amend the Internal Revenue Code of 1986 to increase the limitation on the estate tax valuation of certain real property used in farming or other trades or businesses.
Sec. 2 Increase in limitation on the estate tax valuation of certain real property used in farming or other trades or businesses
In general— Section 2032A(a)(2) of the Internal Revenue Code of 1986 is amended by striking “$750,000” and inserting “$11,400,000”.
Inflation adjustment— Section 2032A(a)(3) of such Code is amended—
by striking “$750,000” both places it appears and inserting “$11,400,000”;
by striking “1998” in the matter preceding subparagraph (A) and inserting “2019”; and
by striking “1997” in subparagraph (B) and inserting “2018”.
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.