NCBA: Legislation Providing Death Tax Relief Welcome
Congressmen Mike Thompson (D-Calif.) and John Salazar (D-Colo.) introduced legislation that would provide farmers and ranchers relief from the death tax, according to a press release from the National Cattlemen’s Beef Association (NCBA).
H.R. 3524, the Family Farm Preservation and Conservation Estate Tax Act, would exempt working farm and ranch land from the death tax, as long as the land is kept in production agriculture. Should the land be used or sold for other purposes, a recapture tax would be imposed.