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Gainesville, Fla. – Florida Farm Bureau President John Hoblick praised U.S. Sen. Marco Rubio for his enthusiastic support of legislation that would help preserve family farms. This proposed legislation will help shield farm operations from the potentially overwhelming burden of the federal estate tax.
“We greatly appreciate Sen. Rubio’s good efforts to eliminate what amounts to be a death tax for the current generation of farm producers,” Hoblick said. “The federal estate tax is scheduled to increase substantially in 2013. Unless Congress acts this year, many families will not be able to transfer farms and ranches to the next generation because they cannot afford to pay the tax without selling off their lands.”
The Death Tax Repeal Permanency Act of 2012 (S.2242), introduced into the Senate yesterday, would eliminate the estate tax. A similar bill, H.R. 1259, has been introduced into the House.
Hoblick also expressed his appreciation for more than 200 other members of Congress who have now agreed to co-sponsor the two bills. “These elected leaders have shown how the Congress can act responsibly and effectively to meet a real need,” he said. “We thank them for standing with us on this issue.”
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Florida Farm Bureau is the Sunshine State's largest general agricultural organization with more than 140,000 member-families representing Farm Bureaus in 60 counties. Membership provides a multitude of benefits and you don't have to be a farmer to be a member of Florida Farm Bureau.