Sec. 30535. Modification of rules for value of certain farm real property
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Paragraph
(2)of section 2032A(a) of the Internal Revenue Code of 1986 is amended by striking $750,000 and inserting $3,000,000 . Paragraph
(3)of section 2032A(a) of such Code is amended— by striking 1998 and inserting 2020 ; by striking $750,000 and inserting $3,000,000 in subparagraph (A); and by striking calendar year 1997 and inserting calendar year 2020 in subparagraph (B). Section 2032A(b)(2) is amended by striking the devotion of the property and all that follows and inserting the devotion of the property to use as a farm for farming purposes. . Subsections (c)(6)(A), (h)(3), and (i)(3) of section 2032A of the such Code are each amended by striking subparagraph
(A)or
(B)of . The heading of section 2032A of such Code (and the item relating to section 2032A in the table of sections for part III of subchapter A of chapter 11 of such Code) is amended by striking , etc., . The amendments made by this section shall apply to estates of decedents dying, and gifts made, after December 31, 2019.