119-S1927
HERITAGE Act
Last action was on 6-3-2025
SenateCurrent status is Read twice and referred to the Committee on Finance.
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119th CONGRESS
1st Session
S. 1927
1. Short title2. Increase in limitation on aggregate reduction in fair market value of farmland1. Short title
This Act may be cited as the "Helping Ensure Rural Inheritance Transfers Are Generationally Enduring Act" or the "HERITAGE Act".
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:
(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.