[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 1927 Introduced in Senate (IS)]

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119th CONGRESS
  1st Session
                                S. 1927

 To amend the Internal Revenue Code of 1986 to increase the limitation 
    with respect to the aggregate reduction in fair market value of 
        farmland for purposes of application of the estate tax.


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                   IN THE SENATE OF THE UNITED STATES

                              June 3, 2025

Mrs. Hyde-Smith introduced the following bill; which was read twice and 
                  referred to the Committee on Finance

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                                 A BILL


 
 To amend the Internal Revenue Code of 1986 to increase the limitation 
    with respect to the aggregate reduction in fair market value of 
        farmland for purposes of application of the estate tax.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Helping Ensure Rural Inheritance 
Transfers Are Generationally Enduring Act'' or the ``HERITAGE Act''.

SEC. 2. INCREASE IN LIMITATION ON AGGREGATE REDUCTION IN FAIR MARKET 
              VALUE OF FARMLAND.

    (a) In General.--Section 2032A(a)(2) of the Internal Revenue Code 
of 1986 is amended by striking ``shall not exceed $750,000'' and 
inserting: ``shall not exceed--
                    ``(A) in the case of qualified real property which 
                was being used for a qualified use described in 
                subparagraph (A) of subsection (b)(2), $15,000,000, and
                    ``(B) in the case of qualified real property which 
                was being used for a qualified use described in 
                subparagraph (B) of such subsection, $750,000.''.
    (b) Conforming Amendment.--Section 2032A(a)(3) of the Internal 
Revenue Code of 1986 is amended--
            (1) in the matter preceding subparagraph (A), by striking 
        ``the $750,000 amount'' and inserting ``each dollar amount'', 
        and
            (2) in subparagraph (A), by striking ``$750,000'' and 
        inserting ``such dollar amount''.
    (c) 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.
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