A bill to prevent the estate tax law from operating to encourage or to require the destruction of open lands by amending the Internal Revenue Code of 1954 to provide that real property which is farmland, woodland, or open land and forms part of an estate may be valued, for estate tax purposes, at its value as farmland, woodland, or open land (rather than at its fair market value), and to provide for the revocation of such lower valuation and recapture of unpaid tax with interest in appropriate circumstances.

Summary

Amends the Internal Revenue Code to allow the executor of an estate to elect to determine the value of certain farmland, woodland, or open space in the estate according to its current use value, rather than its fair market value. Requires such land to have been devoted to farming, woodland, or open space for the 60 months preceding the decedent's death. Provides for recapture of tax that would have been assessed and paid at fair market value if all or any part of such property is: (1) converted to an unqualified use; (2) rezoned for an unqualified use at the land owner's request; or (3) sold. Requires filing of a tax return within 30 days after the end of the calendar quarter in which such a sale takes pace.

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1 official file

• Introduced in Senate

  summary · EN · 1 October 1980

  Open at official source

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