Family Farm Protection Act

Summary

Family Farm Protection Act - Amends the Internal Revenue Code to exclude from gross income any gain on the sale of a qualified family farm interest to a family member of the taxpayer. Requires the taxpayer (or a member of the taxpayer's family) to have participated materially in the farming business operation during the five years preceding the sale, and requires the family member purchasing the interest to participate materially during the five years following the sale. Provides for recapture of tax foregone because of the exclusion if during the five years following the sale: (1) the interest ceases to be used in a farming business; or (2) the purchasing family member fails to participate materially in the farming business.

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Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 29 January 2003

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• Introduced in House (PDF)

  Introduced in House · EN · 29 January 2003

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• Introduced in House

  summary · EN · 29 January 2003

  Open at official source

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