Legislation will help protect family farms from the estate tax
September 24, 2009 – (RealEstateRama) — 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.