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HR 2978 108th Congress House Taxation Agriculture and Food Capital gains tax Families Family farms Farm lands Income tax Land transfers Land use Public Lands and Natural Resources Tax exclusion

Beginning Farmers and Ranchers Tax Incentive Act of 2003

Introduced: July 25, 2003 See on congress.gov
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This bill died when the 108th Congress ended
It never became law before the 108th Congress (2003–2004) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 25, 2003
Referred to the House Committee on Ways and Means.
Jul 25, 2003
Introduced in House
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 Plain-English summary Congressional Research Service

Beginning Farmers and Ranchers Tax Incentive Act of 2003 - Amends the Internal Revenue Code to exclude from gross income: (1) 100 percent of the gain from the sale or exchange of qualified farm property to a first-time farmer who certifies that the use of such property shall be as a farm for farming purposes for not less than 10 years after such sale or exchange; (2) 50 percent of the gain from the sale or exchange of qualified farm property to any other person who certifies that the use of such property shall be as a farm for farming purposes for not less than 10 years after such sale or exchange; and (3) 25 percent of the gain from the sale or exchange of qualified farm property to any other person for any other use. Limits the amount of any of the above exclusions with respect to any taxable year to $500,000 on a joint return.

What's happening now July 25, 2003

Referred to the House Committee on Ways and Means.

 Related & companion bills 1
  • S 1464 Identical bill Beginning Farmers and Ranchers Tax Incentive Act of 2003
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 3
All 3 Democratic 1 Republican 2
R
Simpson, Michael K.
Idaho · Oct 16, 2003
 D
Bishop, Sanford D.
Georgia · Oct 2, 2003
 R
Graves, Sam
Missouri · Sep 17, 2003
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 2978: Beginning Farmers and Ranchers Tax Incentive Act of 2003. 108th Congress. Open America. https://openamerica.io/bill/108-HR-2978/
MLA
"H.R. 2978: Beginning Farmers and Ranchers Tax Incentive Act of 2003." 108th Congress, 2026, Open America, https://openamerica.io/bill/108-HR-2978/.
Bluebook (legal)
H.R. 2978, 108th Cong. (2026), https://openamerica.io/bill/108-HR-2978/.
Markdown link
[H.R. 2978: Beginning Farmers and Ranchers Tax Incentive Act of 2003](https://openamerica.io/bill/108-HR-2978/)
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