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.