The law currently allows forty percent of the value of land used for the purposes of conservation to be exempted from the estate tax. This is capped at $500,000. The American Family Farm and Ranchland Protection Act would raise the exclusion to fifty percent of the total value of land and cap it at $5 million.
See, Troy Hooper, "Bipartisan Bill Aims to Amend Estate Tax Code to Conserve America's Farms and Ranches," coloradoindependent.com (Nov 29, 2011).
Posted by, Shahzeb Gaziani, Senior Associate Editor, Wealth Strategies Journal.
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