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H.R. 775 · 109th Congress

Farmland Capital Gains Equity Act of 2005

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IntroducedPassed one chamberPassed both chambersBecame law (gold)Resolution agreed to (full, dark)Failed or vetoed (gray)

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Never voted on. It didn't reach a floor vote before the 109th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.

TOR OsborneSponsor
11 cosponsors · 2 D, 9 R
MGR Green JHR Hostettler EPD Pomeroy RPR Paul ISD Skelton ZWR Wamp SCR Chabot MSR Souder DRR Rehberg DHR Hastings CMR Miller

6 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.

Farmland Capital Gains Equity Act of 2005 - Amends the Internal Revenue Code to provide an exclusion from gross income of gain from the sale of qualified farm property. Defines "qualified farm property" as U.S. property used by a taxpayer or a member of his family as a farm for farming purposes for at least three years.

What it does: CRS summary · Introduced in House · Feb 10, 2005

Farmland Capital Gains Equity Act of 2005 - Amends the Internal Revenue Code to provide an exclusion from gross income of gain from the sale of qualified farm property. Defines "qualified farm property" as U.S. property used by a taxpayer or a member of his family as a farm for farming purposes for at least three years. Requires such taxpayer or family member to materially participate in the operation of the farm.

Limits the amount of such exclusion to $500,000 ($250,000 in the case of a married individual filing a separate return), reduced by the aggregate amount of gain excluded for all preceding taxable years.

Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov

About this bill and sources

Official title: Farmland Capital Gains Equity Act of 2005

Latest action (Feb 10, 2005): Referred to the House Committee on Ways and Means.

Policy area: Taxation · Origin: House · Introduced: Feb 10, 2005

Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)

No recorded floor vote found.