HR 5134 110th 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 Act of 2007

Introduced: January 23, 2008 See on congress.gov

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Jan 23, 2008

Referred to the House Committee on Ways and Means.

Jan 23, 2008

Introduced in House

Plain-English summary Congressional Research Service

Beginning Farmers and Ranchers Act of 2007 [sic] - Amends the Internal Revenue Code to exclude from gross income 100% of the gain, up to $500,000, from the sale of qualified farm property to a first-time farmer who certifies that such property will be used for farming purposes for 10 years. Allows: (1) a 50% exclusion for the sale of qualified farm property to any other person who certifies that such property will be used for farming purposes for 10 years; and (2) a 25% exclusion for the sale of qualified farm property to any other person for any other use.

Defines "qualified farm property" as real property located in the United States which is used for farming purposes for a specified three-year period and in which there was material participation by the taxpayer or the taxpayer's spouse or family member. Requires the recapture of tax benefits if qualified farm property is sold or ceases operation as a farm before the required 10-year period.

What's happening now January 23, 2008

Referred to the House Committee on Ways and Means.

Committees of jurisdiction 1