[Congressional Record Volume 145, Number 63 (Tuesday, May 4, 1999)]
[House]
[Page H2562]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




             H.R. 1503, CAPITAL GAINS EXPANSION FOR FARMERS

  (Mr. BARRETT of Nebraska asked and was given permission to address 
the House for 1 minute and to revise and extend his remarks.)
  Mr. BARRETT of Nebraska. Mr. Speaker, a week ago I introduced a bill 
to correct a flaw in the Tax Code. H.R. 1503 would allow family farmers 
to take advantage of the $500,000 capital gains tax break that many 
other Americans can take when they sell their homes. This bill expands 
the $500,000 capital gains tax exclusion for principal residences to 
cover the entire farm.
  Most family farmers are unable to take advantage of the capital gains 
tax break because they do not spend extra money investing in their 
principal residence, they spend it investing in their whole farm. As a 
result, the capital gains exclusion is of little help to farmers 
selling their land. It simply makes sense. Farmers should enjoy the 
same capital gains exclusion as other Americans.
  Agriculture producers are faced with many challenges these days, and 
we need to look at a variety of issues to improve the situation in 
rural America. I believe this bill begins to correct one that we can 
control, an inequity in the Tax Code.
  I ask my colleagues to join me along with the gentleman from North 
Dakota (Mr. Pomeroy) in supporting H.R. 1503.

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