S. 2637 · 110th Congress
Beginning Farmers and Ranchers Act of 2008
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Never voted on. It didn't reach a floor vote before the 110th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
HagelSponsorNo cosponsors.
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.
What it does: CRS summary · Introduced in Senate · Feb 14, 2008
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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Beginning Farmers and Ranchers Act of 2008
Latest action (Feb 14, 2008): Read twice and referred to the Committee on Finance.
Policy area: Taxation · Origin: Senate · Introduced: Feb 14, 2008
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.