To amend the Internal Revenue Code of 1986 to exclude from gross income gain on the sale or exchange of farmland development rights.
Family Farm Preservation Act of 2005 - Amends the Internal Revenue Code to exclude from gross income gain from the sale or exchange of qualified farmland development rights to a tax-exempt conservation organization. Defines "qualified farmland development rights" as a restriction limiting farmland to use as a farm for farming purposes or for exclusively conservation purposes.
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
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