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 a political subdivision thereof under a farmland preservation program, and for other purposes.

openUnited States· United States Congress· EN

Introduced

4 August 1983

Last action

—

Status

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

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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Documents

1 official file

Introduced in Senate
summary · EN · 4 August 1983
Open at official source

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Sources

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Official source: https://www.congress.gov/bill/98th-congress/senate-bill/1773
Open data entity: https://api.congress.gov/v3/bill/98/s/1773