The HERITAGE Act increases the tax break available to family farms and ranches when they're passed down to heirs. Currently, the law allows farms to be valued at a reduced amount for estate tax purposes, up to a cap of $750,000. This bill raises that cap to $15 million for actively farmed agricultural land, while keeping the $750,000 limit for other qualified rural properties like timberland. The change applies to estates of people who die after the bill is enacted, making it easier for farming families to transfer their land to the next generation without facing large estate tax bills. The legislation is intended to help rural families preserve their agricultural operations across generations.
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