Summary: H.R.6721 — 110th Congress (2007-2008)All Information (Except Text)

There is one summary for H.R.6721. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (07/31/2008)

Farmland Preservation and Land Conservation Act of 2008 - Amends the Internal Revenue Code to allow an estate and gift tax exclusion for real property located in the United States which at the time of a decedent's death was being used as a farm for farming purposes or exclusively for conservation purposes. Imposes: (1) an additional estate or gift tax with respect to such property if an heir or donee disposes of or uses such property for other than farming or conservation purposes; and (2) a federal tax lien on such property until liability for estate or gift tax with respect to such property has been satisfied or has become unenforceable.