Preserving Family Farms Act of 2021
This bill increases to $11.7 million (currently, $750,000) the limitation on the special use valuation for farmland or other trades or businesses for estate tax purposes. The increased amount is adjusted for inflation for estates of decedents dying after 2021.
To amend the Internal Revenue Code of 1986 to increase the limitation 
on the estate tax valuation of certain real property used in farming or 
                      other trades or businesses.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Preserving Family Farms Act of 
2021''.

SEC. 2. INCREASE IN LIMITATION ON THE ESTATE TAX VALUATION OF CERTAIN 
              REAL PROPERTY USED IN FARMING OR OTHER TRADES OR 
              BUSINESSES.

    (a) In General.--Section 2032A(a)(2) of the Internal Revenue Code 
of 1986 is amended by striking ``$750,000'' and inserting 
``$11,700,000''.
    (b) Inflation Adjustment.--Section 2032A(a)(3) of such Code is 
amended--
            (1) by striking ``$750,000'' both places it appears and 
        inserting ``$11,700,000'',
            (2) by striking ``1998'' in the matter preceding 
        subparagraph (A) and inserting ``2021'', and
            (3) by striking ``1997'' in subparagraph (B) and inserting 
        ``2020''.
    (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.
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Preserving Family Farms Act of 2021
To amend the Internal Revenue Code of 1986 to increase the limitation on the estate tax valuation of certain real property used in farming or other trades or businesses.
Preserving Family Farms Act of 2021
Rep. Panetta, Jimmy