US Congress House Bill 1448 (Prior Session Legislation)

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Spectrum: Strong Partisan Bill (Republican 10-1)
Status: Introduced on April 9 2013 - 25% progression, died in committee
Action: 2013-04-09 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]

Farmers and Ranchers Minimizing Estate Regulations Act of 2013 or the FARMER Act of 2013 - Amends the Internal Revenue Code, with respect to the special use valuation of farms and other property used in a trade or business for estate tax purposes, to: (1) increase to $2 million the allowable reduction in the fair market value of such property for valuation purposes, (2) reduce the required holding period for such property for eligibility and recapture purposes, (3) allow rentals of such property by controlled entities to qualify as a special use, (4) repeal the requirement to use the gross cash rental method for valuing such property, and (5) exempt woodlands subject to a management plan from the additional tax for early dispositions of such property and for failure to comply with special use requirements.

FARMER Act of 2013

Rep. Austin Scott [R-GA]	Rep. Paul Broun [R-GA]	Rep. Eric Crawford [R-AR]	Rep. Bob Gibbs [R-OH]
Rep. Jack Kingston [R-GA]	Sen. James Lankford [R-OK]	Rep. Mike McIntyre [D-NC]	Rep. Stevan Pearce [R-NM]
Rep. Mike D. Rogers [R-AL]	Rep. Lynn Westmoreland [R-GA]	Rep. Ted Yoho [R-FL]

Date	Chamber	Action
2013-04-09	House	Referred to the House Committee on Ways and Means.

Type	Source
Summary	https://www.congress.gov/bill/113th-congress/house-bill/1448/all-info
Text	https://www.congress.gov/113/bills/hr1448/BILLS-113hr1448ih.pdf