H.R. 1447 would amend the Internal Revenue Code of 1986 to exclude from gross income gain on the sale or exchange of farmland development rights.
Detailed Summary
Family Farm Preservation Act of 2009 - Amends the Internal Revenue Code to exclude from gross income gain from the sale or exchange of qualified farmland development rights to a tax-exempt conservation organization. Defines "qualified farmland development rights" as a restriction limiting farmland to use as a farm for farming purposes or for exclusively conservation purposes.
Status of the Legislation
Latest Major Action: 3/11/2009: Referred to House committee. Status: Referred to the House Committee on Ways and Means.
Points in Favor
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Points Against
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