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

There is one version of the bill.

Text available as:

Shown Here:
Introduced in House (06/25/2009)

 
[Congressional Bills 111th Congress]
[From the U.S. Government Printing Office]
[H.R. 3050 Introduced in House (IH)]

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.
                                 <all>