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- H.R.1503
H.R.1503: To amend the Internal Revenue Code of 1986 to provide an exclusion for gain from sale of farmland which is similar to the exclusion from gain on the sale of a principal residence.
About This Bill
- This bill was introduced in the 106th Congress
- This bill is primarily about taxation
- Introduced April 21, 1999
- Latest Major Action May 4, 1999
Bill Sponsor
Bill Cosponsors
18 (8 Democrats, 1 Independent, 10 Republicans)
Bill Summary
Amends the Internal Revenue Code to provide an exclusion from gross income of gain from the sale of qualified farm property similar to the exclusion of gain on the sale of a principal residence. Excludes from gross income up to $500,000 ($250,000 in the case of a married individual filing a separate return), reduced by the aggregate amount of gain excluded for all preceding taxable years.
(Source: Library of Congress)
Bill Actions
| Date | Description |
|---|---|
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Referred to the House Committee on Ways and Means.
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Sponsor introductory remarks on measure.
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| April 21, 1999 |
Introduced in the House by Bill Barrett (R-Neb.) |