< Back to H.R. 3251 (104th Congress, 1995–1996)

Text of To amend the Internal Revenue Code of 1986 to expand the applicability of the first-time farmer exception.

This bill was introduced on April 16, 1996, in a previous session of Congress, but was not enacted. The text of the bill below is as of Apr 16, 1996 (Introduced).

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HR 3251 IH

104th CONGRESS

2d Session

H. R. 3251

To amend the Internal Revenue Code of 1986 to expand the applicability of the first-time farmer exception.

IN THE HOUSE OF REPRESENTATIVES

April 16, 1996

Mr. LIGHTFOOT (for himself, Mr. LEACH, Mr. NUSSLE, Mr. GANSKE, and Mr. LATHAM) introduced the following bill; which was referred to the Committee on Ways and Means


A BILL

To amend the Internal Revenue Code of 1986 to expand the applicability of the first-time farmer exception.

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

SECTION 1. EXPANSION OF FIRST-TIME FARMER EXCEPTION.

    (a) ACQUISITION FROM RELATED PERSON ALLOWED- Section 147(c)(2) of the Internal Revenue Code of 1986 (relating to exception for first-time farmers) is amended by adding at the end the following new subparagraph:

        ‘(G) ACQUISITION FROM RELATED PERSON- For purposes of this paragraph and section 144(a), the acquisition by a first-time farmer of land or personal property from a related person (within the meaning of section 144(a)(3)) shall not be treated as an acquisition from a related person.’

    (b) SUBSTANTIAL FARMLAND DEFINITION MODIFIED- Clause (i) of section 147(c)(2)(E) of the Internal Revenue Code of 1986 (defining substantial farmland) is amended by striking ‘15 percent of the median’ and inserting ‘30 percent of the average’.

    (c) EFFECTIVE DATE- The amendments made by this section shall apply to bonds issued after the date of the enactment of this Act.