Text: H.R.3050 — 111th Congress (2009-2010)All Information (Except Text)

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Introduced in House (06/25/2009)


111th CONGRESS
1st Session
H. R. 3050


To amend the Internal Revenue Code of 1986 to increase the limitations on the amount excluded from the gross estate with respect to land subject to a qualified conservation easement.


IN THE HOUSE OF REPRESENTATIVES

June 25, 2009

Mr. Blumenauer (for himself, Mr. Cantor, and Mr. Kind) introduced the following bill; which was referred to the Committee on Ways and Means


A BILL

To amend the Internal Revenue Code of 1986 to increase the limitations on the amount excluded from the gross estate with respect to land subject to a qualified conservation easement.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. Short title.

This Act may be cited as the “American Family Farm and Ranchland Protection Act”.

SEC. 2. Increase in limitations on the amount excluded from the gross estate with respect to land subject to a qualified conservation easement.

(a) Increase in dollar limitation on exclusion.—Paragraph (3) of section 2031(c) of the Internal Revenue Code of 1986 (relating to exclusion limitation) is amended by striking “the exclusion limitation is” and all that follows and inserting “the exclusion limitation is $5,000,000.”.

(b) Increase in percentage of value of land which is excludable.—Paragraph (2) of section 2031(c) of such Code (relating to applicable percentage) is amended—

(1) by striking “40 percent” and inserting “50 percent”, and

(2) by striking “2 percentage points” and inserting “2.5 percentage points”.

(c) Effective date.—The amendments made by this section shall apply to the estates of decedents dying after December 31, 2009.