HERITAGE Act

The HERITAGE Act (S 1927) increases the estate tax deduction limit for farmland inherited by rural landowners. It raises the maximum deduction from $750,000 to $15 million for farmland actively used for farming, while keeping the $750,000 limit for other qualified uses. This change directly affects heirs of family farms who would otherwise face higher estate taxes on inherited land. The bill modifies Internal Revenue Code Section 2032A to provide greater tax relief for farmland preservation, effective after enactment.