What H.R. 631 Means

nvfarmbureauFeatured, Nevada Ag News

“Death Tax Repeal Act of 2017”

Gaining support for the passage of H.R. 631, known as the Death Tax Repeal Act of 2017 is more important than ever congress considers taking up this critical issue throughout the year. H.R. 631 is a non-partisan bill being introduced by representative from South Dakota, Kristi Noem and representative from Georgia, Sanford Bishop. The companion Senate bill S205 is sponsored by Senator John Thune.

The Estate Tax includes the fair market value for everything you own at your death, or have certain interest in at the date of your death. This total is known as your, “Gross Estate,” which includes: cash, securities, real, estate, insurance, trusts, annuities, business interest and other assets.

This tax has a profound impact on the agricultural business community. These farmers and ranchers have paid taxes on their estates for the entirety of their life. Now, that they have passed family members are left with their loss and a potentially high tax in order to keep the farm operation going. This tax forces many surviving agricultural and small business family members to have to sell land, buildings and even equipment that is necessary to stay functional.

This tax not only cripples ranches and farms, but also creates a downward spiral for rural Nevada communities and businesses that agriculture supports. Nevada Farm Bureau is encouraging members to get involved with the passing of H.R. 631 and S 205.

Getting involved is easy. By visiting the nvfb.org take action page.

The more people US Representatives hear from the better odds we have of getting H.R. 631 passed. Lets come together on this important matter so it does not affect are agricultural business in the future. Remember getting involved is easy. We can make a change.