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HR 864 104th Congress House Taxation Agricultural economics Agriculture and Food Development rights transfer Easements Environmental Protection Estate tax Farm lands Gift tax Government Operations and Politics Government paperwork Land transfers Land use National parks Nature conservation Public Lands and Natural Resources Tax assessment Tax exclusion Tax rates Tax returns

American Farm Protection Act of 1995

Introduced: February 8, 1995 See on congress.gov
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 Everywhere this bill has been 5 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 12, 1995
Committee Hearings Held.
Jul 11, 1995
Committee Hearings Held.
Feb 8, 1995
Introduced in House
Feb 8, 1995
Referred to the House Committee on Ways and Means.
Feb 8, 1995
Sponsor introductory remarks on measure. (CR E304)
 Plain-English summary Congressional Research Service

American Farm Protection Act of 1995 - Amends the Internal Revenue Code to exclude from the gross estate tax the value of land subject to a qualified conservation easement (less the amount of any indebtedness secured by such land). Includes in the gross estate tax the value of each development right retained by the donor in the conveyance of the easement. Makes such tax due upon the disposition of the property. Provides that such land subject to the exclusion will have a carryover basis for purposes of determining gain or loss.

Excludes from the gift tax transfers by gift of land subject to a conservation easement.

Declares that for purposes of the alternative estate valuation method: (1) a qualified conservation contribution is not a disposition; and (2) land subject to a conservation easement is not disqualified.

What's happening now July 12, 1995

Committee Hearings Held.

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Democratic 1