II 115th CONGRESS 1st Session S. 47 IN THE SENATE OF THE UNITED STATES January 5, 2017 Mr. Rubio (for himself, Mrs. Fischer , and Mr. Moran ) introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To prevent proposed regulations relating to restrictions on liquidation of an interest with respect to estate, gift, and generation-skipping transfer taxes from taking effect.

1. Short title This Act may be cited as the Protect Family Farms and Businesses Act . 2. Proposed regulations relating to restrictions on liquidation of an interest with respect to estate, gift, and generation-skipping transfer taxes prevented from taking effect The proposed regulations under section 2704 of the Internal Revenue Code of 1986 relating to restrictions on liquidation of an interest with respect to estate, gift, and generation-skipping transfer taxes, published on August 4, 2016, in the Federal Register (81 Fed. Reg. 51413) shall have no force or effect. No Federal funds may be used to finalize, implement, administer, or enforce such proposed regulations or any substantially similar regulations.