Summary: H.R.294 — 107th Congress (2001-2002)All Information (Except Text)

There is one summary for H.R.294. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (01/30/2001)

Farmland Capital Gains Equity Act of 2001 - 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.