A bill to amend the Internal Revenue Code of 1954 to permit the rollover of gain from sale of farmland development rights to a State or a political subdivision therefore 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.

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1 official file

• Introduced in Senate

  summary · EN · 7 October 1981

  Open at official source

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