Sen. Cindy Hyde-Smith (R-MS) introduced the Helping Ensure Rural Inheritance Transfers Are Generationally Enduring Act (HERITAGE) Act in early June in an effort to help preserve family-owned farms.
The bill would adjust the Internal Revenue Code to allow special-use valuation of farmland to reduce the estate tax value of farming operations.
“It’s time to modernize the Internal Revenue Code to give heirs a fighting chance to carry on the proud American tradition of passing down family farms through generations,” Hyde-Smith said.
