S.2637 - Beginning Farmers and Ranchers Act of 2008110th Congress (2007-2008)
|Sponsor:||Sen. Hagel, Chuck [R-NE] (Introduced 02/14/2008)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 02/14/2008 Read twice and referred to the Committee on Finance. (All Actions)|
This bill has the status Introduced
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Summary: S.2637 — 110th Congress (2007-2008)All Information (Except Text)
Introduced in Senate (02/14/2008)
Beginning Farmers and Ranchers Act of 2008 - 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 for 10 years; and (2) a 25% exclusion for the sale of qualified farm property to any other person for any other use.
Defines "qualified farm property" as real property located in the United States which is used for farming purposes for a specified three-year period and in which there was material participation by the taxpayer or the taxpayer's spouse or family member. Requires the recapture of tax benefits if qualified farm property is sold or ceases operation as a farm before the required 10-year period.
Increases dollar limitations on bonds issued to finance assistance programs for first-time farmers.