Modification of estate tax rules with respect to land subject to conservation easements

(a) Modification of exclusion limitation Subparagraph (B) of section 2031(c)(1) of the Internal Revenue Code of 1986 is amended by striking $500,000 and inserting $2,000,000. (b) Modification of applicable percentage Paragraph (2) of section 2031(c) of the Internal Revenue Code of 1986 is amended by striking 40 percent and inserting 60 percent. (c) Effective date The amendments made by this section shall apply to estates of decedents dying, and gifts made, after December 31, 2025.