- Not enactedThe President has not signed this bill
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House Committee on Ways and MeansIntroducedApril 9th, 2013
- house Committees
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FARMER Act of 2013
To amend the Internal Revenue Code of 1986 to increase the aggregate reduction in the fair market value of farm, etc., real property under section 2032A to $2,000,000, and for other purposes.
Farmers and Ranchers Minimizing Estate Regulations Act of 2013 or the FARMER Act of 2013 - Amends the Internal Revenue Code, with respect to the special use valuation of farms and other property used in a trade or business for estate tax purposes, to: (1) increase to $2 million the allowable reduction in the fair market value of such property for valuation purposes, (2) reduce the required holding period for such property for eligibility and recapture purposes, (3) allow rentals of such property by controlled entities to qualify as a special use, (4) repeal the requirement to use the gross cash rental method for valuing such property, and (5) exempt woodlands subject to a management plan from the additional tax for early dispositions of such property and for failure to comply with special use requirements.