To amend the Internal Revenue Code of 1986 to exclude from gross income gain on the sale or exchange of farmland which by covenant is restricted to use as farmland and to exclude the value of such farmland from estate taxes.
Farm Preservation Act of 1997 - Amends the Internal Revenue Code to exclude from gross income the gain from the sale or exchange of farmland if there is a covenant prohibiting any use other than as farmland. Excludes from the gross estate the value of farmland if there is a covenant prohibiting any use other than as farmland.
Introduced in House
Introduced in House
Sponsor introductory remarks on measure. (CR E1369)
Referred to the House Committee on Ways and Means.
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