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Committee hears technical changes to estate tax natural-resource exemption
Summary
House Bill 3630 would clarify ownership tests for the estate tax natural-resource exemption, permit replacement exchanges of qualified property, and adjust the ratio used to calculate tax; sponsors said the changes are technical and revenue neutral.
The Senate Committee on Rules took testimony June 20 on House Bill 3630, a technical revision to the estate tax natural-resource exemption adopted in 2023.
Representative Kevin Mannix, who introduced the bill, said the 2023 law (Senate Bill 498) created an exemption intended to help family-owned farms, ranches and woodlands remain in family ownership by exempting qualifying natural-resource property from estate tax…
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