Farmland Preservation Act of 1995

Summary

Farmland Preservation Act of 1995 - Amends the Internal Revenue Code to exclude from the gross estate tax the value of land subject to a qualified conservation easement (less the amount of any indebtedness secured by such land). Includes in the gross estate tax the value of each development right retained by the donor in the conveyance of the easement. Makes such tax due upon the disposition of the property. Provides that such land subject to the exclusion will have a carryover basis for purposes of determining gain or loss. Excludes from the gift tax transfers by gift of land subject to a conservation easement. Declares that for purposes of the alternative estate valuation method: (1) a qualified conservation contribution is not a disposition; and (2) land subject to a conservation easement is not disqualified.

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3 official files

• Introduced in House (text)

  Introduced in House · EN · 4 August 1996

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• Introduced in House (PDF)

  Introduced in House · EN · 4 August 1996

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• Introduced in House

  summary · EN · 4 August 1995

  Open at official source

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