3.0.0 1464 2023-01-15T06:17:48Z 2023-01-15T06:17:48Z Senate S S 2003-07-25 108 ssfi00 Finance Committee Senate Standing Referred to 2003-07-25T18:26:32Z 108 2978 HR 2003-07-25 Referred to the House Committee on Ways and Means. Identical bill CRS 2003-07-25 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S9974) IntroReferral 2003-07-25 Introduced in Senate IntroReferral 10000 9 Library of Congress H001028 Sen. Hagel, Chuck [R-NE] CHUCK HAGEL R NE N D000432 Sen. Dorgan, Byron L. [D-ND] BYRON DORGAN D ND LESLIE 2003-07-25 True 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 Taxation

00 2003-07-25 Introduced in Senate 2003-09-16T19:02:18Z Beginning Farmers and Ranchers Tax Incentive Act of 2003 - Amends the Internal Revenue Code to exclude from gross income: (1) 100 percent of the gain from the sale or exchange of qualified farm property to a first-time farmer who certifies that the use of such property shall be as a farm for farming purposes for not less than 10 years after such sale or exchange; (2) 50 percent of the gain from the sale or exchange of qualified farm property to any other person who certifies that the use of such property shall be as a farm for farming purposes for not less than 10 years after such sale or exchange; and (3) 25 percent of the gain from the sale or exchange of qualified farm property to any other person for any other use. Limits the amount of any of the above exclusions with respect to any taxable year to $500,000 on a joint return.

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Display Title Official Title as Introduced Introduced in Senate IS Short Titles as Introduced Introduced in Senate 2003-07-25T04:00:00Z 2003-07-25 Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S9974) text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.