Schmidt joins effort to repeal death tax on farms and businesses

WASHINGTON, DC: Today, Congressman Derek Schmidt (KS-02) announced he has cosponsored the Death Tax Repeal Act.

Originally introduced by Congressman Randy Feenstra (IA-04), this legislation would permanently repeal the death tax, which imposes an unfair and costly tax on the transfer of property, land, and other assets from a deceased family member to heirs of family farms and small businesses.

“Family farms and small businesses are the lifeblood of our food supply and economy,” Congressman Schmidt said. “Congress should be doing everything in our power to promote longevity and continuity for these family farms and businesses rather than using taxes to discourage multi-generational ownership. I’m proud to join more than 170 of my colleagues to introduce this commonsense legislation.”

The Death Tax Repeal Act is supported by more than 230 organizations, including the American Farm Bureau Federation, Family Business Coalition, National Association of Manufacturers, National Cattlemen’s Beef Association, Agricultural Retailers Association, and National Federation of Independent Business.

H.R. 1301, the Death Tax Repeal Act, would amend the Internal Revenue Code to eliminate the federal tax on inherited property, land, and assets in the case of a family death.

Of the 1.9 million farms in the United States, 95% are operated by families. These farms and ranches account for 90% of our country’s total agricultural production value.