legislation: 97-hr-7226

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bill_id congress bill_type bill_number title policy_area introduced_date latest_action_date latest_action_text origin_chamber sponsor_name sponsor_state sponsor_party sponsor_bioguide_id cosponsor_count summary_text update_date url
97-hr-7226 97 hr 7226 A bill to amend the Internal Revenue Code of 1954 to permit the rollover of gain from the sale (under a farmland preservation program) of farmland development rights to any State or political subdivision thereof or to certain charitable organizations, and for other purposes. Taxation 1982-09-30 1982-09-30 Referred to House Committee on Ways and Means. House Rep. Byron, Beverly B. [D-MD-6] MD D B001220 0 Amends the Internal Revenue Code to provide for the nonrecognition of gain from the sale of farmland development rights to a State, political subdivision, or tax-exempt organization under a qualified State farmland preservation program if the taxpayer purchases qualified farming property within 18 months of such sale. Excludes from gross income up to $125,000 of gain from the sale of farmland development rights by an individual aged 55 or older. Allows a charitable contribution deduction for gain from the sale of farmland development rights to such eligible recipients to the extent that the fair market value of such rights exceeds the amount actually received by the taxpayer. Provides rules for the allocation of basis on the sale of such rights. Prescribes criteria for determining whether there is a significant public benefit from such charitable contributions. 2024-02-07T16:32:33Z  

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