3.0.0 930 2026-02-05T15:17:29Z 2026-02-05T15:17:29Z Senate S S 2025-03-11 119 https://www.congress.gov/bill/119th-congress/senate-bill/930 ssfi00 Finance Committee Senate Standing Referred To 2025-03-11T15:51:13Z 2025-03-11 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2025-03-11 Introduced in Senate IntroReferral 10000 9 Library of Congress M000355 Sen. McConnell, Mitch [R-KY] Mitch McConnell R KY N J000312 Sen. Justice, James C. [R-WV] James Justice R WV C. 2025-06-03 False B001305 Sen. Budd, Ted [R-NC] Ted Budd R NC 2025-06-03 False B001319 Sen. Britt, Katie Boyd [R-AL] Katie Britt R AL 2025-06-03 False K000393 Sen. Kennedy, John [R-LA] John Kennedy R LA 2025-07-15 False Taxation Taxation 2025-05-09T13:51:11Z

00 2025-03-11 Introduced in Senate 2026-02-05T15:16:20Z <p>This bill excludes from gross income the gain from the sale or exchange of qualified farmland property to a qualified farmer that is contributed to an individual retirement account (IRA). This generally&nbsp;prevents the federal capital gains tax from being imposed on such gain. (Conditions apply.)</p><p>Specifically, the bill excludes from gross income any gain from the sale or exchange of qualified farmland property contributed to an IRA within 60 days of the sale or exchange if&nbsp;</p><ul><li>the requisite election is made,</li><li>the property is sold to an individual actively engaged in farming (qualified farmer),</li><li>the qualified farmer signs a written agreement consenting to the application of a federal tax if the property is disposed of or no longer used for farming within the first 10 years after the sale or exchange, and</li><li>the written agreement is filed.</li></ul><p>The bill defines <em>qualified farmland property</em> as real property located in the United States that, for substantially all of the 10 years preceding the sale or exchange, is used by the farmer (or lessee) for farming purposes.</p><p>However, under the bill, if the qualified farmland property is disposed of or no longer used for farming within the first 10 years after the sale or exchange, a tax is imposed on the qualified farmer equal to the amount excluded from gross income multiplied by&nbsp;the sum of the highest tax rate on adjusted net capital gains and the net investment income tax rate&nbsp;(currently 23.8%), plus interest.</p>

Official Title as Introduced 6 2025-04-03T13:18:28Z Introduced in Senate IS Display Title 45 2025-03-12T10:56:27Z Introduced in Senate 2025-03-11T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-119s930is/xml/BILLS-119s930is.xml 2025-03-11 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.