No Capital Gains Tax on Family Farms Act
See how your representatives voted on this bill.
DeepSyte matches this bill to the issues you care about and shows whether your reps' votes line up — not party, not press releases. Take the 2-minute values quiz to see your alignment.
Alignment with your views
Sign in and take the values quiz to see how this bill lines up with what you've said.
Summary
This bill amends the Internal Revenue Code to exclude from federal income taxation the capital gains realized when a farmer sells qualified farm property to a qualified family member. The bill defines qualified farm property as real property in the U.S. that was owned and used as a farm for at least 2 years during the preceding 8-year period, and qualified family members include spouses, lineal descendants, and their spouses. The transferred property retains the original owner's tax basis, but if the family member holds the property for 10 years without selling it, the basis increases by the appreciation that occurred at the time of transfer.
Values analysis
Sign in and take the values quiz to get a personalized read on how this bill lines up with your positions.
How your representatives voted
Sign in to see how your representatives voted on this bill.