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Protecting farm heirs
SEVENTH DISTRICT Congressman J. Kenneth Robinson says too many substantial, efficient farms are passing out of the hands of experienced farming families because of the federal estate tax. He has introduced in the new Congress a bill to permit executors of estates to have farmland valued as such for federal estate tax purposes, even though the land might have a much higher value if converted to other uses.
“At present, heirs who are prepared to continue farming the land, and fully capable, are forced to sell the family farm because it is valued at what is called its ‘highest economic use’, which might be developed for housing or industry, and the heirs don’t have the money to pay the substantial extate taxes,’’ Robinson explained. He emphasized that the tax evaluation as farmland would expire if the heirs sold the land, or converted it to a non-farming use, and the higher estate taxes then would become due. Timber land, and scenic and recreational areas retained in their natural states also would be eligible for the lower estate tax rating, Robinson added. □
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