Farmland Capital Gains Equity Act of 2005

Summary

Farmland Capital Gains Equity Act of 2005 - Amends the Internal Revenue Code to provide an exclusion from gross income of gain from the sale of qualified farm property. Defines "qualified farm property" as U.S. property used by a taxpayer or a member of his family as a farm for farming purposes for at least three years. Requires such taxpayer or family member to materially participate in the operation of the farm. Limits the amount of such exclusion to $500,000 ($250,000 in the case of a married individual filing a separate return), reduced by the aggregate amount of gain excluded for all preceding taxable years.

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Timeline

1. 10 February 2005

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

2. 10 February 2005

   Introduced

   Introduced in House

   Source: IntroReferral

3. 10 February 2005

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 10 February 2005 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 10 February 2005

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 10 February 2005

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 10 February 2005

  Open at official source

Sponsors

• Rep. Osborne, Tom [R-NE-3] · R · Sponsor
• Rep. Green, Mark [R-WI-8] · R · Sponsor
• Rep. Hostettler, John N. [R-IN-8] · R · Sponsor
• Rep. Paul, Ron [R-TX-22] · R · Sponsor
• Rep. Skelton, Ike [D-MO-4] · D · Sponsor
• Rep. Wamp, Zach [R-TN-3] · R · Sponsor
• Rep. Pomeroy, Earl [D-ND-At Large] · D · Sponsor
• STEVE CHABOT · R · Cosponsor
• Rep. Souder, Mark E. [R-IN-3] · R · Cosponsor
• Rep. Rehberg, Denny [R-MT-At Large] · R · Cosponsor
• Rep. Hastings, Doc [R-WA-4] · R · Cosponsor
• Rep. Miller, Candice S. [R-MI-10] · R · Cosponsor
• · hswm00 · Standing

Related records

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