Representatives Diane Black (R- TN-06) and Mike Michaud (D-ME-02) recently introduced the Keep the Forest and Farm in the Family Act of 2012 (H.R. 6439) to provide estate tax relief to America’s forest owners, farmers, and ranchers.
Families—not the federal government—own the most forestland in America. On December 31, 2012, the estate tax will revert back to 2001 levels and the number of family forests owners facing an estate tax bill will increase, putting at risk millions of acres of forest land.
“The estate tax burden is an imminent, national threat to forestland—52 million acres of America’s family forests are owned by someone 75 or older. If Congress does
nothing, forests and America’s conservation legacy will lose,” said Tom Martin, President and CEO of the American Forest Foundation.
“Facing a huge tax bill, far too often means selling off land or cutting timber prematurely. Representatives Black and Michaud have recognized this in their legislation and are working to give these families relief from the estate tax,” added Martin.
H.R. 6439 would allow forest owners—and farmers and ranchers, too—to pay the estate tax on the value of their land if they keep it in the family as a working forest or farm, instead of assessing the property at the highest use value. H.R. 6439 would allow up to a $5 million reduction, whereas current law only allows up to a $1 million reduction.
From The American Forest Foundation: https://www.forestfoundation.org/keep-the-forest-in-the-family