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 2007 - 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.
Sponsor introductory remarks on measure. (CR H2169)
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
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