[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[S. 3640 Introduced in Senate (IS)]

111th CONGRESS
  2d Session
                                S. 3640

To amend the Internal Revenue Code of 1986 to increase the limitations 
   on the amount excluded from the gross estate with respect to land 
             subject to a qualified conservation easement.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             July 22, 2010

 Mr. Udall of Colorado (for himself, Mr. Crapo, Mr. Gregg, Mr. Bennet, 
and Ms. Klobuchar) introduced the following bill; which was read twice 
                and referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
To amend the Internal Revenue Code of 1986 to increase the limitations 
   on the amount excluded from the gross estate with respect to land 
             subject to a qualified conservation easement.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``American Family Farm and Ranchland 
Protection Act of 2010''.

SEC. 2. INCREASE IN LIMITATIONS ON THE AMOUNT EXCLUDED FROM THE GROSS 
              ESTATE WITH RESPECT TO LAND SUBJECT TO A QUALIFIED 
              CONSERVATION EASEMENT.

    (a) Increase in Dollar Limitation on Exclusion.--Paragraph (3) of 
section 2031(c) of the Internal Revenue Code of 1986 (relating to 
exclusion limitation) is amended by striking ``the exclusion limitation 
is'' and all that follows and inserting ``the exclusion limitation is 
$5,000,000.''.
    (b) Increase in Percentage of Value of Land Which Is Excludable.--
Paragraph (2) of section 2031(c) of such Code (relating to applicable 
percentage) is amended--
            (1) by striking ``40 percent'' and inserting ``50 
        percent'', and
            (2) by striking ``2 percentage points'' and inserting ``2.5 
        percentage points''.
    (c) Effective Date.--The amendments made by this section shall 
apply to the estates of decedents dying after December 31, 2009.
                                 <all>