Allows an exclusion from a taxable estate for the value of the interest in a family-owned business.

Taxes

Passed Legislature

This bill passed both chambers and reached final enrollment, even if later executive action is not shown here.

Sponsor: Senator Nash,, Representative Levy B
Last action: 2025-06-27
Official status: In Senate Committee
Effective date: Not listed

Plain English Breakdown

The plain English breakdown is still being put together. The official documents below are already here.

Bill History

2025-06-27 Senate
In committee upon adjournment.
2025-02-12 Senate
Public Hearing held.
2025-01-17 Senate
Referred to Finance and Revenue.
2025-01-13 Senate
Introduction and first reading. Referred to President's desk.

Official Summary Text

Digest: The Act makes an interest in a family-owned business not taxed by the estate tax. (Flesch Readability Score: 61.8).
Allows an exclusion from a taxable estate for the value of the interest in a family-owned business. Applies to estates of decedents who die on or after January 1, 2026.
Takes effect on the 91st day following adjournment sine die.
Relating to: Relating to estate tax treatment of family-owned business; prescribing an effective date.
Current location: In Senate Committee