legislation: 103-hr-5032

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bill_id congress bill_type bill_number title policy_area introduced_date latest_action_date latest_action_text origin_chamber sponsor_name sponsor_state sponsor_party sponsor_bioguide_id cosponsor_count summary_text update_date url
103-hr-5032 103 hr 5032 Family Business Preservation Act Taxation 1994-09-13 1994-09-13 Referred to the House Committee on Ways and Means. House Rep. Brewster, Bill K. [D-OK-3] OK D B000817 18 Family Business Preservation Act - Amends the Internal Revenue Code to reduce the rate of estate tax on certain family-owned businesses. Provides for a recapture of tax benefits if the business is not held for at least ten years by the heirs or the heirs do not materially participate during such ten years. Provides that the limitation on the four percent rate of interest on estate tax extended for estates consisting largely of a closely held business is not applicable to estate tax attributable to qualified family-owned business interests. Extends the alternate valuation date from six months to 40 months for estates consisting largely of qualified family-owned business interests. Increases the tax exclusion for gifts to ancestors or descendants. Increases the unified estate and gift tax credits. 2025-08-26T13:52:31Z  

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