Saving the Family Farm Act of 2012
Latest action · Mar 15, 2012 Read twice and referred to the Committee on Finance.
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.
- IntroducedMar 15, 2012
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Saving the Family Farm Act of 2012 - Amends the Internal Revenue Code to exclude from the gross estate of a decedent the adjusted value of any qualified family-owned farm or business (i.e., a qualified farmland or a qualified trade or business) included in the estate. Requires: (1) the decedent to have been a citizen or resident of the United States at the time of death, (2) the decedent and members of the decedent's family to have owned not less than 60% of such farm or business in any 5-year period during the 8-year period prior to the decedent's death, and (3) material participation in the operation of the farm or business by the decedent and members of the decedent's family.
Defines "qualified farmland" as any real property located in the United States that is used as a farm for farming purposes. Defines "qualified trade or business" as any interest in a trade or business that is not an interest in a C corporation and that was acquired from or passed from the decedent to an heir.
Imposes a recapture tax on an heir who disposes of any interest in a qualified family-owned farm or business or who ceases to use qualified farmland for farming purposes after inheriting such property.
Cosponsors
Members who signed on, in the order they did.
Actions 2
Everything that happened, newest first.
- Mar 15, 2012Introduced in Senate
- Mar 15, 2012Read twice and referred to the Committee on Finance.
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 2199 | Grow America Act of 2012 | Related bill | Mar 15, 2012 |
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- Mar 15, 2012Introduced in Senate
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.
