A bill to amend the Internal Revenue Code of 1954 to permit the rollover of gain from the sale of farmland development rights to a State or a political subdivision thereof under a farmland preservation program, and for other purposes.

Amends the Internal Revenue Code to provide for the nonrecognition of gain from the sale of farmland development rights under a qualified State farmland preservation program if the taxpayer purchases qualified farming property within 18 months of such sale. Excludes from gross income up to $100,000 of gain from the sale of farmland development rights by an individual who is age 55 or older.

Allows a charitable contribution deduction for gain from the sale of farmland development rights to a State to the extent that the fair market value of such rights exceeds the amount actually received by the taxpayer.