PlainBillCongress, translated.Legislation. Context. Public interest.Referred to the House Committee on Ways and Means.
Congressional Research Service
Version 00 · Introduced in House · Jun 29, 2017
Family Business Preservation Estate Tax Act
This bill amends the Internal Revenue Code, with respect to the estate tax, to allow the value of the taxable estate to be reduced by the adjusted value of family-owned business interests that: (1) are included in determining the value of the gross estate, and (2) are acquired by or passed to an heir from the decedent.
The deduction may not exceed the greater of: (1) the basic exclusion amount in effect for the calendar year that includes the death of the decedent ($5.49 million for 2017), or (2) the value of farmland which constitutes the family-owned business interest.
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The bill imposes a specified additional estate tax if, within 10 years of the decedent's death and before the heir's death: (1) material participation requirements are not met with respect to the family-owned business interest, (2) the heir disposes of any portion of the family-owned business interest (other than by a disposition to a member of the heir's family or through a qualified conservation contribution), (3) the heir loses U.S. citizenship or ceases to be a lawful permanent resident and the interest was not acquired or is not held in a qualified trust, or (4) the principal place of business of a trade or business of the family-owned business ceases to be located in the United States.
People & committees
Rep. Thompson, Mike [D-CA-5] · D–CA
Legislative record
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Referred to the House Committee on Ways and Means.
Introduced in House
Introduced in House
Primary sources
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No related bills are listed in this snapshot. This does not establish whether the proposal has appeared in earlier Congresses.
Source last updated: Aug 11, 2025. Consult Congress.gov for the current record.
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