S. 930In Committee
A bill to amend the Internal Revenue Code of 1986 to exclude from gross income capital gains from the sale of certain farmland property which are reinvested in individual retirement plans.
Exclude certain farmland sale gains from gross income when the proceeds are contributed to an IRA after sale to a qualified farmer, with recapture tax rules if farming use ends early
Plain-English overview
What this bill does
Exclude certain farmland sale gains from gross income when the proceeds are contributed to an IRA after sale to a qualified farmer, with recapture tax rules if farming use ends early
Key points
- Amend gross income rules
- Require farmer use agreement
- Exclude qualifying farmland gains
- Impose recapture tax
Current status
Where it stands
Status
In Committee
Latest action
2025-03-11 — Read twice and referred to the Committee on Finance.
Related context
Topics and policy areas
undefinedTaxation