Family Farm Preservation and Conservation Estate Tax Act update
The National Cattlemen’s Beef Association (NCBA) praised legislation introduced by Congressmen Mike Thompson (D-CA) and John Salazar (D-CO) that would provide farmers and ranchers relief from the death tax.
HR 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.
“The death tax is one of the leading causes of the breakup of family farms, as producers are forced to sell their land to pay off taxes on their inheritance,” said Gary Voogt, NCBA President and rancher from Marne, Mich. “This legislation is an important step in ensuring hardworking farmers and ranchers can keep their land in their families.”
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