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
- Louis Quatorze Dies of Heart Attack
- Broken Pelvis Cause of Charismatic's Death
- Pierce Trains Tampa String for Sam-Son, Pin Oak
- Unique Bella Goes Easy in Five-Furlong Work
- Horse of the Year Charismatic Dies
- Finger Lakes Racing Dates Could Plummet Under Proposal
- Hong Kong Stars to Battle on Sunday at Sha Tin
- Arrogate 'His Usual Self' in Five-Furlong Move
- Look Back: Master Derby Wins Louisiana Derby
- Maker Quartet Headlines Fair Grounds 'Cap