HR 1711
102th Congress
House
Taxation
Capital gains tax
Farm lands
Housing and Community Development
Housing finance
Income tax
Social Welfare
Tax exclusion
To amend the Internal Revenue Code of 1986 to allow farmland sold during the same taxable year as the farmer's principal residence to be eligible for the $125,000 exclusion of gain on sale of a principal residence.
Introduced: April 10, 1991
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Apr 10, 1991
Referred to the House Committee on Ways and Means.
Apr 10, 1991
Introduced in House
Plain-English summary
Amends the Internal Revenue Code to allow a taxpayer to include farm property sold during the same taxable year as a principal residence in the one-time exclusion of gain from sale of a principal residence by an individual who has attained age 55. Sets forth a formula limiting the extent of such exclusion.
What's happening now
Referred to the House Committee on Ways and Means.
Committees of jurisdiction
1
Cosponsors
1