Keep the Forest in the Family Estate Tax Act of 2012
Latest action · Sep 19, 2012 Referred to the House Committee on Ways and Means.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedSep 19, 2012
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Keep the Forest in the Family Estate Tax Act of 2012 - Amends the Internal Revenue Code to: (1) provide an exemption from the additional estate tax for the disposition or severance of standing timber on a qualified woodland for timber that is harvested consistent with a written forest management plan or under professional guidance, and (2) increase from $750,000 to $5 million the limitation on the reduction in the fair market value of real property used for farming or in another trade or business for estate tax purposes.
Cosponsors 23
Members who signed on, in the order they did. Signatures ran from Sep 19, 2012 to Dec 19, 2012; 8 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-PA | Glenn Thompson | Original | Sep 19, 2012 |
| R-AL | Jo Bonner | Original | Sep 19, 2012 |
| R-TN | John J. Duncan, Jr. | Original | Sep 19, 2012 |
| D-NC | Larry Kissell | Original | Sep 19, 2012 |
| R-TN | Marsha Blackburn | Original | Sep 19, 2012 |
| D-ME | Michael H. Michaud | Original | Sep 19, 2012 |
| R-WI | Reid J. Ribble | Original | Sep 19, 2012 |
| R-CA | Wally Herger | Original | Sep 19, 2012 |
| R-WA | David G. Reichert | Sep 20, 2012 | |
| R-LA | Charles W. Boustany, Jr. | Sep 21, 2012 | |
| D-MN | Collin C. Peterson | Sep 21, 2012 | |
| D-OR | Kurt Schrader | Sep 21, 2012 | |
| D-NC | Mike McIntyre | Sep 21, 2012 | |
| R-LA | Rodney Alexander | Sep 21, 2012 | |
| R-TN | Stephen Lee Fincher | Sep 21, 2012 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Ways and Means Committee | Referred Sep 19, 2012 |
Actions 2
Everything that happened, newest first.
- Sep 19, 2012Introduced in House
- Sep 19, 2012Referred to the House Committee on Ways and Means.
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Constitutional authority
The sponsor’s statement, as printed in the page H6151.
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To amend the Internal Revenue Code of 1986 to provide an exception to the imposition of the additional estate tax for severance of standing timber harvested consistent with a forest management plan.
- Short Titles as Introduced
- Keep the Forest in the Family Estate Tax Act of 2012
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- Sep 19, 2012Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
