Family Farm and Business Protection Act of 2001

This bill, introduced in 2001, aimed to reduce the tax burden on families inheriting a farm or a small business. It would have increased the maximum estate tax deduction for these types of family-owned interests from its then-current level to $10 million.

For citizens, the practical impact would have been to allow more family-run operations to be passed down to the next generation without being forced to sell assets to pay federal estate taxes. By shielding a larger portion of a business's value from taxation, the bill sought to help ensure that local farms and small companies could remain in the family and continue operating after the owner's death.