BILL THAT WOULD EXEMPT FAMILY FARMS FROM ESTATE TAX INTRODUCED IN HOUSE
U.S. Rep. Tim Mahoney, D-Fla., and U.S. Rep. John Salazar, D-Colo., introduced the Save the Family Farm and Ranch Act of 2007 April 18 in the House.
The bill would defer payment of the estate tax on family farms as long as the land is used for agricultural or conservation purposes. It would apply to those who receive more than 50 percent of their gross income from that farm or ranch operation.
Congressman Mahoney said, "This bill will help keep farms in the family. Florida's agriculture is an economic engine for our economy."
