Family Forest Land Preservation Tax Act of 1999

Family Forest Land Preservation Tax Act of 1999 - Title I: Estate Tax Provisions - Amends the Internal Revenue Code to exclude from a gross estate, for estate tax purposes, the value of land subject to a qualified conservation easement. Provides for: (1) an increase, from $750,000 to $1 million, in the special estate tax valuation; and (2) the treatment of forest land as qualified real property.

Title II: Income Tax Treatment - Provides taxpayers a partial inflation adjustment for the deduction from gross income for qualified timber gain. Allows such deduction in computing adjusted gross income. Excludes from gross income the applicable percentage of any gain from a qualified timber sale. Provides for the application of passive loss limitations to specified timber activities.