Agricultural policy touches a surprisingly large portion of this bill, including provisions addressing conservation incentives, crop insurance subsidies, estate planning for family farms, and water rights in drought-affected regions.
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Estate Tax Exemption for Family Farms
Family farms and closely held agricultural businesses receive a new qualified farm property exemption from estate tax, up to $15 million per estate for farms operated by the same family for at least 10 years.
Core Takeaway
The 5-year continuation requirement has teeth — transferees who sell or cease operations must pay back estate taxes with interest. Families contemplating succession over the next decade should work with an estate attorney to structure the transfer correctly.