Estate Tax Repeal Acceleration (ExTRA) for Family-Owned Businesses and Farms Act - Amends the Internal Revenue Code to revise the estate tax exclusion provisions applicable to family-owned business interests.
Allows an exclusion from the gross estate for the adjusted value of certain family business interests acquired from a decedent (carryover business interests). Defines "carryover business interests" and revises ownership requirements and material participation rules applicable to such interests.
Provides that carryover business interests acquired from a decedent shall be treated as transferred by gift and that the basis of such property shall be the lesser of the adjusted basis of the decedent, or the fair market value of such property at the date of the decedent's death (thus eliminating the estate tax on such property).