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

Summary

Amends the Internal Revenue Code to provide for the nonrecognition of gain from the sale of farmland development rights under a qualified State farmland preservation program if the taxpayer purchases qualified farming property within 18 months of such sale. Excludes from gross income up to $100,000 of gain from the sale of farmland development rights by an individual who is age 55 or older. Allows a charitable contribution deduction for gain from the sale of farmland development rights to a State to the extent that the fair market value of such rights exceeds the amount actually received by the taxpayer.

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

Timeline

1. 23 May 1985

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 23 May 1985

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 30 May 1985

   Committee

   Committee on Finance requested executive comment from OMB, Treasury Department, Agriculture Department.

   Source: Committee

Votes

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Versions

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Documents

1 official file

• Introduced in Senate

  summary · EN · 23 May 1985

  Open at official source

Sponsors

• Sen. Mathias, Charles McC., Jr. [R-MD] · R · Sponsor
• · ssfi00 · Standing

Related records

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