EQUAL Parks Act

House Bill

H.R. 4937

119th Congress

EQUAL Parks Act

In Committee

Introduced:Aug 26, 2025

Primary Sponsor

Lloyd A. Doggett

Representative

Democratic

TX-37

Cosponsors

14

Quick Stats

Policy Area

Taxation

Summary

The Preserving Family Farms Act of 2023 increases the special use valuation limit for farmland or other business property included in an estate from $750,000 to $13 million, adjusting for inflation. This change makes it easier for families to keep their farms and businesses after a loved one passes away by reducing the estate taxes they would have to pay.

Latest Action

Referred to the House Committee on Ways and Means.

AI Summary

Plain-English explanation of this bill

The Preserving Family Farms Act of 2023 increases the special use valuation limit for farmland or other business property included in an estate from $750,000 to $13 million, adjusting for inflation. This change makes it easier for families to keep their farms and businesses after a loved one passes away by reducing the estate taxes they would have to pay.

Last updated: 12/30/2025

Official Summary

Congressional Research Service summary

Preserving Family Farms Act of 2023 This bill amends the Internal Revenue Code to increase to $13 million (currently, $750,000) the limitation on the special use valuation for farmland or other trades or businesses for estate tax purposes. The increased amount is adjusted for inflation for estates of decedents dying after 2023.

Key Points

Main provisions of the bill

Increases the special use valuation limit for farmland or other business property in an estate from $750,000 to $13 million
The higher limit is adjusted for inflation each year after 2023
This change makes it more affordable for families to keep their farms and businesses after a loved one dies

How This Impacts Americans

Potential effects on citizens and communities

This bill would primarily benefit family-owned farms and small businesses by reducing the estate taxes they have to pay when inheriting property from a deceased owner. This could help these enterprises stay in the family and maintain operations, preserving jobs and economic activity in rural and small-town America.

Policy Areas

Primary Policy Area

Taxation

Scope & Jurisdiction

Jurisdiction Level

federal

Congressional Session

119th Congress

Citation Reference

4937, 119th Congress (2025). "EQUAL Parks Act". Source: Voter's Right Platform. https://votersright.org/bills/118-hr-4937