HERITAGE Act increases the estate tax exemption for farmland to $15 million.
The HERITAGE Act amends the Internal Revenue Code to increase the limitation on the aggregate reduction in fair market value of farmland for estate tax purposes. Specifically, it raises the exemption limit from $750,000 to $15,000,000 for qualified real property used for qualified purposes. The changes apply to estates of decedents dying after the enactment date of the Act.
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