A bill to amend the Internal Revenue Code of 1954 to permit the rollover of gain from the sale of farmland development rights to a State under a farmland preservation program, and for other purposes.
Latest action. Referred to Senate Committee on Finance.
Amends the Internal Revenue Code to allow nonrecognition of gain for the sale of farmland development rights to a State under a qualified farmland preservation program if, within 18 months before or after such sale, new farmland property is purchased and used by the taxpayer for farming purposes. Requires recognition of gain to the extent that the amount realized on the sale of such rights exceeds the cost of purchasing such new farmland. Defines "farmland development rights" as the right of a real property owner to devote property to a use other than for farming purposes. Defines "qualified farmland preservation program" as a program established by State law for the purpose of assuring that property currently devoted to farming will continue to be so devoted, and which provides for the purchase of farmland development rights by the State in order to carry out that purpose. Requires recapture of unrecognized gain if, within five years of the sale of farmland development rights, the taxpayer: (1) devotes the property concerned to a use other than for farming purposes; (2) sells or exchanges such property for such a non-farming use; or (3) uses the new farmland for other than farming purposes. Allows a taxpayer who has attained age 55 to elect to exclude from gross income any gain from the sale of farmland development rights to a State under a qualified farmland preservation program, if the property concerned has been owned and used by the taxpayer for farming purposes for periods aggregating at least three years during the five years prior to such sale. Limits the amount of such exclusion to $100,000 ($50,000 for a married individual filing a separate return). Limits application of such exclusion to one sale only. Treats any taxpayer who has made such a sale, where the gain falls short of fair market value, as having made a deductible charitable contribution of the difference.
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in Senate" stage on August 21, 1980. It describes the bill, it is not the legal text.
Where is it in the process, and what happens next?
4 steps remain before this bill could become law.
The record's latest action, on August 21, 1980: Referred to Senate Committee on Finance.
- Clearing the committees it was referred to, and being scheduled for a floor vote
- Passage by the Senate
- Passage by the House
- The President's signature. If the President vetoes it, two-thirds of both chambers must vote to override.
How likely is it to become law?
Civibrief does not forecast outcomes and this page has no opinion about this one. What the record supports is a base rate, which is a fact about the whole pile, not a prediction about this measure.
In the 96th Congress (1979-80), 613 of the 12,581 bills and joint resolutions introduced became law, about 4.9 percent. That count covers every measure at every stage, including the many that never left committee.
This one is not there yet: 4 steps are still outstanding, listed above.
Has anyone actually voted on it?
No. No roll call in this Congress cites this measure. That is the ordinary outcome: most measures never reach a recorded floor vote, and a committee ends most of them simply by not acting.
A vote is not the only thing that happens to a measure. Hearings, markups, and referrals are all recorded actions, and none of them is a vote of the full chamber.
Who is behind it?
CHARLES MATHIAS (R-MD) introduced it on August 21, 1980. No cosponsors are recorded.
Cosponsoring is a formal signature on the text. It is not a commitment to vote for the measure, it does not bind anyone's party, and a long list of cosponsors is a measure of attention rather than of prospects.
How long has it been in play?
It was introduced on August 21, 1980, 16821 days ago. The most recent recorded action was 16821 days ago, on August 21, 1980.
Measures do not carry over. Anything the 96th Congress has not finished by January 3, 1981 dies when the term ends, and has to be introduced again from the start in the next Congress.
Every answer above is assembled from this measure's own record on Congress.gov and from published counts of what Congress has passed before. Civibrief does not predict outcomes and takes no position on any measure.
Vote history
- SenateIn committee, no floor vote yet
- HouseAwaits Senate passage
- PresidentAwaits both chambers