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United States · Bill · S

S. 1713 (97th)

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.

openUnited States· United States Congress· EN

Introduced

7 October 1981

Last action

24 May 1982 · Committee

Status

Subcommittee on Energy and Agricultural Taxation. Hearings held.

Sponsors

Sen. Mathias, Charles McC., Jr. [R-MD], Sen. Sarbanes, Paul S. [D-MD], Sen. Hatfield, Mark O. [R-OR], Sen. Jackson, Henry M. [D-WA], Sen. Williams, Harrison A., Jr. [D-NJ], Sen. Kasten, Robert W., Jr. [R-WI]

Subjects

Taxation

Source updated

3 January 2025

Taxation

Official sourceView documentsShare

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. 7 October 1981

    Introduced

    Read second time and referred to Senate Committee on Finance.

    Source: IntroReferral

  2. 7 October 1981

    Introduced

    Introduced in Senate

    Source: IntroReferral

  3. 14 October 1981

    Committee

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

    Source: Committee

  4. 24 May 1982

    Committee

    Subcommittee on Energy and Agricultural Taxation. Hearings held.

    Source: Committee

Votes

No vote records are attached yet.

Versions

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Documents

1 official file

Leesvertaling

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Sponsors

Related records

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Sources

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