A bill to encourage the preservation of open lands in or near urban areas by amending the Internal Revenue Code of 1954 to provide that real property which is farmland, woodland, or open scenic land and forms part of an estate shall be valued, for estate tax purposes, at its value as farmland, woodland, or open scenic land (rather than at its fair market value) if it continues to be used as such for at least 5 years after the date on which the estate tax return is filed.

Summary

Provides, under the Internal Revenue Code, that real property which is farmland, woodland, or open scenic land and forms part of an estate be valued, for estate tax purposes, at its value as farmland, woodland, or open scenic land (rather than at its fair market value) if it continues to be used as such for at least 5 years after the date on which the estate tax returned is filed. (Amends 26 U.S.C. 2031)

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1 official file

• Introduced in Senate

  summary · EN · 18 December 1973

  Open at official source

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