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- H.R.5134
H.R.5134: Beginning Farmers and Ranchers Act of 2007
About This Bill
- This bill was introduced in the 110th Congress
- This bill is primarily about taxation
- Introduced Jan. 23, 2008
- Latest Major Action Jan. 23, 2008
- See the two similar bills introduced in other congresses.
Bill Sponsor
Bill Cosponsors
23 (8 Democrats, 16 Republicans)
Bill Summary
Beginning Farmers and Ranchers Act of 2007 [sic] - Amends the Internal Revenue Code to exclude from gross income 100% of the gain, up to $500,000, from the sale of qualified farm property to a first-time farmer who certifies that such property will be used for farming purposes for 10 years. Allows: (1) a 50% exclusion for the sale of qualified farm property to any other person who certifies that such property will be used for farming purposes...
(Source: Library of Congress)
Bill Actions
| Date | Description |
|---|---|
|
Referred to the House Committee on Ways and Means.
|
|
| Jan. 23, 2008 |
Introduced in the House by Lee Terry (R-Neb.) |