3.0.0 2637 2019-11-15T21:57:49Z 2019-11-15T21:57:50Z Senate S S 2008-02-14 110 ssfi00 Finance Committee Senate Standing Referred to 2008-02-14T15:32:09Z Beginning Farmers and Ranchers Act of 2007 110 5134 HR 2008-01-23 Referred to the House Committee on Ways and Means. Related bill CRS 2008-02-14 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2008-02-14 Introduced in Senate IntroReferral 10000 9 Library of Congress H001028 Sen. Hagel, Chuck [R-NE] CHUCK HAGEL R NE N Taxation Agriculture and Food Bonds Capital gains tax Depreciation and amortization Families Family farms Farm lands Farmers Finance and Financial Sector Income tax Land transfers Land use Public Lands and Natural Resources Tax exclusion Taxation 00 2008-02-14 Introduced in Senate 2008-02-25T23:04:28Z Beginning Farmers and Ranchers Act of 2008 - 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.

Increases dollar limitations on bonds issued to finance assistance programs for first-time farmers.

]]> Beginning Farmers and Ranchers Act of 2008 Short Titles as Introduced Beginning Farmers and Ranchers Act of 2008 Display Title Beginning Farmers and Ranchers Act of 2008 Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to provide an exclusion for gain from the sale of farmland to encourage the continued use of the property for farming, and for other purposes. Introduced in Senate 2008-02-14T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110s2637is/xml/BILLS-110s2637is.xml 2008-02-14 Read twice and referred to the Committee on Finance. 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.