Reps. Jimmy Panetta, D- Calif., and Mike Kelly, R- Pa., have re-introduced legislation they say will help family-owned farms continue operating after a family member dies. The Preserving Family Farms Act would modify tax law, allowing farmers and ranchers to pay estate taxes based on the value of their land for agricultural use.
“Outdated provisions in our tax laws are punishing family farms and causing them to split up or sell the land upon which they have spent generations working and building up,” Panetta says. “My Preserving Family Farms Act would ease the burden on these…
