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Concern Rises for Tax Proposals on Inherited Property Including Farms

As the conversation related to new federal government spending intitiatives of the Biden Administration continue to expand, the concern is growing for certain tax proposals that may be used to generate new revenue to pay for the spending priorities. Included in the list of tax concerns are taxes related to the ability and procedures for transferring farmland from generation to generation and among familty members. Such tax proposals are being met with stiff opposition from agricultural groups and organizations across the country, including the Agricultural Council of Arkansas.

More below:

https://www.agri-pulse.com/articles/15676-proposed-transfer-tax-basis-change-could-bite-farm-heirs

https://www.agri-pulse.com/ext/resources/pdfs/Section-by-Section-Explanation-of-STEP-Act-1.pdf

https://www.agri-pulse.com/ext/resources/pdfs/For-the-995-Summary.pdf