A bill to amend the Internal Revenue Code of 1954 to provide a credit against income tax to owners of certain farmland who, in a covenant binding themselves and all future owners of their land, restrict the use of such land to use as farmland.

Amends the Internal Revenue Code to allow a tax credit for owners of farmland who agree in a covenant which is binding upon them and all future owners not to use such farmland for any purpose other than farming. Limits such credit to five percent of the fair market value of the farmland on the date the covenant is recorded.