S 482 in Congressional Session 105

Official Summary

 

Bill Number : S 482

 

Title : A bill to amend the Internal Revenue Code of 1986 to partially exclude from the gross estate of a decedent the value of a family-owned business, and for other purposes.

 

SUMMARY AS OF:
3/20/1997--Introduced. Family Business and Family Farm Preservation Act of 1997 - Amends the Internal Revenue Code to exclude from a decedent's gross estate the adjusted value (within certain limits) of qualified family-owned business interests. Imposes an additional estate tax during the first ten years after death for failure to materially participate, disposition of assets, loss of U.S. citizenship, or overseas business relocation. Requires business interests passing to a noncitizen heir to do so as a qualified trust in order to receive such estate tax treatment. Increases from 10 years to 20 years the installment period for payment of estate taxes where the estate consists largely of interest in closely held business.

Votes

Title : A bill to amend the Internal Revenue Code of 1986 to partially exclude from the gross estate of a decedent the value of a family-owned business, and for other purposes.
Votes in the US Senate
This Bill was not Voted in the US Senate
Votes in the US House
This Bill was not Voted in the US House

Sponsors

 
Congressional Sponsors of S 482
 
Bill Number : S 482
Title : A bill to amend the Internal Revenue Code of 1986 to partially exclude from the gross estate of a decedent the value of a family-owned business, and for other purposes.
Sponsor: Sen Collins, Susan M. [ME] (introduced 3/20/1997)      
ALPHABETICAL [followed by Cosponsors withdrawn]:     (Sort: by date)

    Sen Cochran, Thad [MS] - 3/20/1997

    Sen Hatch, Orrin G. [UT] - 3/20/1997

    Sen Snowe, Olympia J. [ME] - 3/20/1997

Other Info

Bill Number : S 482
Title : A bill to amend the Internal Revenue Code of 1986 to partially exclude from the gross estate of a decedent the value of a family-owned business, and for other purposes.
 
 
ALL ACTIONS:
 
3/20/1997:Sponsor introductory remarks on measure. (CR S2647-2648)
 
3/20/1997:Read twice and referred to the Committee on Finance.
 
4/10/1997:Committee on Finance. Hearings held.
 
6/27/1997:Sponsor introductory remarks on measure. (CR S6720)