A bill to amend the Internal Revenue Code of 1954 to permit the rollover of gain from the sale (under a farmland preservation program) of farmland development rights to any State or political subdivision thereof or to certain charitable organizations, and for other purposes.

Summary

Amends the Internal Revenue Code to permit the nonrecognition of gain from the sale of farmland development rights to a State, political subdivision, or tax-exempt organization under a farmland preservation program, provided that the taxpayer purchases farming property within 18 months before or after the date of such sale. Limits such nonrecognition to the extent that the proceeds from the sale of the farmland development rights exceed the taxpayer's purchase price for the farming property. Defines "farmland development rights" as the right of the owner of real property to use that property for purposes other than farming. Requires recapture of the amount of gain not recognized if the taxpayer sells or uses the farming property for purposes other than farming. Provides for a one-time exclusion of gain from the sale of farmland development rights by individuals who have attained age 55. Allows the owner of farmland development rights to claim a charitable contribution income tax deduction for the amount of gain foregone as a result of a sale of such rights to a State, political subdivision, or tax-exempt organization under a farmland preservation program. Sets forth rules for the allocation of basis on the sale of farmland development rights. Prescribes criteria for determining whether the contribution of farmland development rights results in a significant public benefit in a particular case.

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1 official file

• Introduced in House

  summary · EN · 16 March 1983

  Open at official source

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