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S.F. No. 2404 - Qualified Farm and Small Business Properties Estate Tax Provisions Modification
 
Author: Senator Roger C. Chamberlain
 
Prepared By: Nora Pollock, Senate Counsel (651/297-8066)
 
Date: March 19, 2012



 

 

Current law requires that qualified farm and small business property be continuously owned by the decedent for the three-year requirement prior to the decedent’s death. 

Section 1 eliminates the three-year requirement for qualified small business property and requires that the property be owned by the decedent on the decedent’s date of death.

Section 2 eliminates the three-year requirement for qualified farm property and requires that the property be owned by the decedent on the decedent’s date of death.

NBP:dv

 

 
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