This bill allows additional estate tax exclusion of $1 million, and adjusts for inflation using the monthly averaged U.S. City
Average Consumer Price Index for the 12 consecutive months ending August 31, 2022.
In addition to any other amounts allowed under this chapter, an exclusion in the amount of $1 million is allowed against the tax due. Effective January 1, 2024.
This bill will help preserve small farms to continue.