Family Farm Protection Act

Family Farm Protection Act - Amends the Internal Revenue Code to exclude from the gross estate, for estate tax purposes, the value of certain land subject to a qualified conservation easement (reduced by the amount of any indebtedness secured by such land). Includes in the gross estate the value of each development right retained by the donor in the conveyance of the easement. Makes such tax due on a date certain after the disposition of such property. Provides that such land subject to the exclusion will have a carryover basis for purposes of determining gain or loss.

Excludes from the gift tax transfers by gift of land subject to a qualified conservation easement.

Excludes from gross income gain from the sale or exchange of eligible farmland that is subject to a qualified covenant which does not permit any use of such farmland for purposes other than as farmland.