Digest: The Act would make it so estates would not pay estate tax for farm, forestry or fishing interests that are owned by trusts and businesses. (Flesch Readability Score: 63.0).
Modifies exemption from the taxable estate for the value of natural resource property to accommodate interests owned through a trust or business entity. Adds detail to look-back and look-forward provisions as applicable to entities. Allows for replacement property. Applies to estates of decedents dying on or after July 1, 2025.
Takes effect on the 91st day following adjournment sine die.