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HR 5892 109th Congress House Taxation Accounting Agriculture and Food Capital gains tax Commerce Consumer credit Farm lands Farms Finance and Financial Sector Income tax Land transfers Losses Public Lands and Natural Resources Real property Social Welfare Tax administration Tax deferral Tax exclusion

Farmers Tax Deferral Act

Introduced: July 26, 2006 Introduced by: Aderholt, Robert B. Republican · Alabama See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 26, 2006
Referred to the House Committee on Ways and Means.
Jul 26, 2006
Introduced in House
 Plain-English summary Congressional Research Service

Farmers Tax Deferral Act - Amends the Internal Revenue Code to: (1) allow individuals age 55 or older to exclude from gross income the gain or loss from an exchange of qualified agricultural property for U.S. real property; (2) treat such an exchange as a like-kind exchange for purposes of recognizing gain or loss; and (3) allow installment sales treatment of qualified agricultural property. Defines "qualified agricultural property" as any single purpose agricultural or horticultural structure placed in service more than 20 years before an exchange and any real property, equipment, or fixtures related in use to such structure.

What's happening now July 26, 2006

Referred to the House Committee on Ways and Means.

 Committees of jurisdiction 1