The U.S. House of Representatives on Dec. 4 passed the Permanent Estate Tax Relief for Families, Farmers, and Small Businesses Act of 2009 (H.R.4154) that would extend and make permanent the 45% inheritance tax and the current $3.5 million exemption, $7 million for married taxpayers, according to an advisory from the American Horse Council.
There are a number of governmental and charitable programs for the purchase of development rights. In these programs, farm owners sell their development rights by placing a perpetual easement on the land restricting the rights of current and future owners to develop the land. When development rights are sold for less than the reduction in fair value resulting from restricting development on the land, a charitable income tax deduction may be available.
Most Popular Stories
- Seeking the Gold Dies at 31
- Little Mike Retired to Old Friends
- American Cleopatra Entered at Del Mar
- Borell Arraignment Set for Aug. 1
- Full Field Possible for West Virginia Derby
- Champion Tepin Will Bypass Fourstardave
- Connect Leads 1-2 Finish for Brown in Curlin
- Nyquist, Exaggerator Renew Rivalry in Haskell
- Exaggerator to Run in Haskell
- Sunday Silence Dominates Broodmare Sires