The U.S. House Ways and Means Committee passed a tax package last week that would provide significant tax relief to family farms and ranches. The bill contains several beneficial provisions, including an increase in the exemption amount for the federal estate tax, also known as the death tax. The package now must be approved by the full House as part of the reconciliation process.
Provisions in the bill that would help family-owned cattle operations the most are permanently increasing estate and gift tax exemption amounts to $15 million per individual and $30 million per couple.