A bill to amend the Internal Revenue Code of 1954 to permit the rollover of gain from the sale of farmland development rights, 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 · 12 June 1986

  Open at official source

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