H.R. 3050 (111th): American Family Farm and Ranchland Protection Act

111th Congress, 2009–2010. Text as of Jun 25, 2009 (Introduced).

Status & Summary | PDF | Source: GPO

I

111th CONGRESS

1st Session

H. R. 3050

IN THE HOUSE OF REPRESENTATIVES

June 25, 2009

(for himself, Mr. Cantor, and Mr. Kind) 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 increase the limitations on the amount excluded from the gross estate with respect to land subject to a qualified conservation easement.

1.

Short title

This Act may be cited as the American Family Farm and Ranchland Protection Act.

2.

Increase in limitations on the amount excluded from the gross estate with respect to land subject to a qualified conservation easement

(a)

Increase in dollar limitation on exclusion

Paragraph (3) of section 2031(c) of the Internal Revenue Code of 1986 (relating to exclusion limitation) is amended by striking the exclusion limitation is and all that follows and inserting the exclusion limitation is $5,000,000..

(b)

Increase in percentage of value of land which is excludable

Paragraph (2) of section 2031(c) of such Code (relating to applicable percentage) is amended—

(1)

by striking 40 percent and inserting 50 percent, and

(2)

by striking 2 percentage points and inserting 2.5 percentage points.

(c)

Effective date

The amendments made by this section shall apply to the estates of decedents dying after December 31, 2009.