American Farm and Ranch Protection Act of 1997

Summary

American Farm and Ranch Protection Act of 1997 - Amends the Internal Revenue Code to exclude from the gross estate, if elected by the executor, the value of land subject to a qualified conservation easement, except for any debt-financed portion. Provides for the treatment of any retained development right. Adds references to such property to provisions controlling the basis of property acquired from a decedent. Prohibits treating the transfer by gift of land subject to a qualified conservation easement as a transfer of property by gift for purposes of provisions relating to gift taxes. Amends provisions relating to the valuation of certain farm and other real property to prohibit a qualified conservation contribution (as defined in provisions relating to charitable contributions) from being deemed a disposition unless it is subject to a conservation easement. Declares that, if property is otherwise qualified real property, being subject to a conservation easement does not disqualify it. Allows a contribution to be treated as exclusively for conservation purposes if the surface estate and mineral interests have been and remain separated (currently, if the surface estate and mineral interests were separated before June 13, 1976, and remain separated) and if the probability of surface mining is so remote as to be negligible.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 20 March 1997

   Introduced

   Sponsor introductory remarks on measure. (CR S2670)

   Source: IntroReferral

2. 20 March 1997

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 20 March 1997

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 20 March 1997 · Download file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 20 March 1997

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 20 March 1997

  ViewDownloadOpen at official source

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• Introduced in Senate

  summary · EN · 20 March 1997

  Open at official source

  Leesvertaling

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  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Sen. Chafee, John H. [R-RI] · R · Sponsor
• Sen. Baucus, Max [D-MT] · D · Sponsor
• Sen. Gregg, Judd [R-NH] · R · Sponsor
• Sen. D'Amato, Alfonse [R-NY] · R · Cosponsor
• Sen. Warner, John [R-VA] · R · Cosponsor
• Sen. Rockefeller, John D., IV [D-WV] · D · Cosponsor
• Sen. Allard, Wayne [R-CO] · R · Cosponsor
• · ssfi00 · Standing

Related records

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