Skip to content
PoliticalRepoPoliticalRepo

United States · Bill · HR

H.R. 1748 (104th)

Tax Fairness for Farmers, Ranchers, and Small Businesses Act

referredUnited States· United States Congress· EN

Introduced

6 June 1995

Last action

6 June 1995 · Introduced

Status

Referred to the House Committee on Ways and Means.

Sponsors

Sen. Johnson, Tim [D-SD], Rep. Minge, David [D-MN-2], Rep. Frost, Martin [D-TX-24], Rep. Smith, Nick [R-MI-7], Rep. Williams, Pat [D-MT-At Large], Rep. Thurman, Karen L. [D-FL-5], Rep. Pomeroy, Earl [D-ND-At Large]

Subjects

Agriculture, Taxation

Source updated

21 August 2025

Agriculture · Taxation

Official sourceDownload fileView documentsShare

Summary

Tax Fairness for Farmers, Ranchers, and Small Businesses Act - Amends the Internal Revenue Code to permit a limited, one-time exclusion from gross income of up to $500,000 ($250,000 in a separate return of a married individual) of the gain from a single sale or exchange to a qualified buyer of qualified property. Defines "qualified property" as property that has been used by a seller over 55 years of age, or a family member, in farming or in a closely held business throughout the ten year period ending on the sale or exchange date. Defines "qualified buyer" as a buyer who is a lineal descendant of the seller, or a beginning farmer or rancher. Requires the seller to pay recapture taxes if within ten years after the sale or exchange the property is no longer used for the same farming or business purpose, unless the buyer is bankrupt or the initial income exclusion failed to reduce the seller's net tax. Increases from 30 percent to 100 percent the deduction for health insurance costs of self-employed individuals. Allows the carryover of unused personal exemptions and standard deductions for an individual whose income for the previous three years is at least 50 percent derived from engaging in continuous and substantial farming. Eliminates the possession tax credit granted income from sources within one of the U.S. territorial possessions. Alters the tax liability of a U.S. citizen who relinquishes his or her citizenship by considering certain property held at the time of relinquishment as sold at fair market value in order to tax any gain on that property. Requires that this additional taxed income: (1) be offset by a $600,000 exclusion from gross income; and (2) not include the value of U.S. real property (other than stock of a U.S. real property holding corporation), or any interest in certain specified domestic or (up to $500,000) foreign retirement and pension plans.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

  1. 6 June 1995

    Introduced

    Referred to the House Committee on Ways and Means.

    Source: IntroReferral

  2. 6 June 1995

    Introduced

    Sponsor introductory remarks on measure. (CR E1163)

    Source: IntroReferral

  3. 6 June 1995

    Introduced

    Introduced in House

    Source: IntroReferral

  4. 6 June 1995

    Introduced

    Introduced in House

    Source: IntroReferral

Votes

No vote records are attached yet.

Versions

Documents

3 official files

Introduced in House (text)

View fileDownload file

This file cannot be previewed here. Use View or Download.

Leesvertaling

Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

  • Introduced in House (text)

    Introduced in House · EN · 6 June 1995

    ViewDownloadOpen at official source

  • Introduced in House (PDF)

    Introduced in House · EN · 6 June 1995

    ViewDownloadOpen at official source

    Leesvertaling

    Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

    Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

  • Introduced in House

    summary · EN · 6 June 1995

    Open at official source

    Leesvertaling

    Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

    Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

Related records

No cross-record relationships stored yet.

Sources

PoliticalRepo is an index and interpretation layer, not the authoritative legal source.