Legislation will help protect family farms from the estate tax
Washington, DC – Today, Rep. Frank Kratovil signed on as a co-sponsor to H.R. 3524, the Family Farm Preservation and Conservation Estate Tax Act. This bill will exempt farms and ranches from Federal estate taxes after death of the owner for as long as the property stays in the family and it continues to operate as a farm. The legislation also exempts landowners who have placed their land in a conservation easement from paying the estate tax as long as it persists in that capacity.
“As I have traveled the district talking to farmers, one of the most frequent concerns I hear relates to the estate tax. When a family farm is passed down to the next generation, too often the family doesn’t have the liquid assets to pay the estate tax without selling off all or part of the farmland. Unless we want to see more and more farmland sold off for development, it is critical that Congress pass common sense legislation that recognizes the importance of preserving the family farm,” said Rep. Frank Kratovil. “The Family Farm Preservation and Conservation Act will help preserve the agricultural heritage of places like Maryland’s First Congressional District while also supporting environmental conservation. I am pleased to join a bipartisan group of my colleagues in backing this important bill.”
“Keeping profitable in Agriculture is challenging enough. Successful passage of H.R. 3524 will assist Families to continue Farming their land for future generations,” said Billy Boniface, Harford County Council President and local farmer.
The bipartisan measure was introduced by Rep. Mike Thompson (D-CA) and Rep. John Salazar (D-CO), both colleagues of Kratovil’s in the Blue Dog Coalition of fiscally conservative Democrats. The bill is currently pending before the House Ways and Means Committee.
Washington, DC – Today, Rep. Frank Kratovil signed on as a co-sponsor to H.R. 3524, the Family Farm Preservation and Conservation Estate Tax Act. This bill will exempt farms and ranches from Federal estate taxes after death of the owner for as long as the property stays in the family and it continues to operate as a farm. The legislation also exempts landowners who have placed their land in a conservation easement from paying the estate tax as long as it persists in that capacity.
“As I have traveled the district talking to farmers, one of the most frequent concerns I hear relates to the estate tax. When a family farm is passed down to the next generation, too often the family doesn’t have the liquid assets to pay the estate tax without selling off all or part of the farmland. Unless we want to see more and more farmland sold off for development, it is critical that Congress pass common sense legislation that recognizes the importance of preserving the family farm,” said Rep. Frank Kratovil. “The Family Farm Preservation and Conservation Act will help preserve the agricultural heritage of places like Maryland’s First Congressional District while also supporting environmental conservation. I am pleased to join a bipartisan group of my colleagues in backing this important bill.”
“Keeping profitable in Agriculture is challenging enough. Successful passage of H.R. 3524 will assist Families to continue Farming their land for future generations,” said Billy Boniface, Harford County Council President and local farmer.
The bipartisan measure was introduced by Rep. Mike Thompson (D-CA) and Rep. John Salazar (D-CO), both colleagues of Kratovil’s in the Blue Dog Coalition of fiscally conservative Democrats. The bill is currently pending before the House Ways and Means Committee.
11 comments:
Why should that only apply to farmers?
Farming is essential in this country and should be protected, but what about other businesses and proprietorships?
Why should the Government take a business away in the form of taxes from a family that built it from nothing just because the founder dies?
The farmers should be exempt no doubt, but so should everyone else!
5:48 I understand your concern, but trust me, farming is a bunch of work for little pay. Some people become very successful as farmers, but most farmers are just getting by and working 40hr/week jobs to make ends meet. I hate taxes and I think they are are a direct assault on freedom. I see this as a victory.
But will Kratovil co-sponsor HR 1868 to limit birthright babies born to illegal aliens?
Good point, 5.48!
Tru dat, 548, I agree.
Another stupid bill. My money and assets belong to me unconditionally to do with as I please. Anything short of that is unacceptable. Get your fucking hands off what does not belong to you
I agree with you AR-15. It IS a step in the right direction. Now if we could just get the govt. out of the REST of our buiness we would be on our way to success. To the govt.: Get the hell away from what I leave behind for my family!
Why do we allow estate taxes anyway? Seems to me that part of being a free people is to FREELY pass on what you've earned to your heirs. What does the "state" have to do with anything I've earned and ALREADY paid taxes on.
What an idiot!
Roosevelt started this country"s long slide into decline with his socialist "vision" todays Dem party is accelerating the pace...Degan is a fool.
to all of you agreeing with 5:48 PM, SERIOUSLY?! Agriculture is what defines our area-it needs to be preserved or else your businesses and development are going to overtake it. There are plenty of places to build and redevelop business and proprietorships in urban ares, but once you lose a farm it's gone forever!
In addition, everybody was b!tching about property rights and compensation during the A-1 down zoning debate and now that somebody is trying to do something to promote the agricultural industrial you still want to b!tch?
I suppose it is a mute point since Wicomico County is going to lose its Agricultural certification because of the A-1 fiasco so our area probably won't even qualify for this incentive.
Democrat or not, we have a "green" governor that cares about the future of our environment. He's not trying to take your property, but he is trying to provide a means of compensation or incentives to retain farm land. You all sound like democrats yourselve here-always looking for a hand out...
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