A bill to amend the Internal Revenue Code of 1986 to exclude from gross income capital gains from the sale of certain farmland property which are reinvested in individual retirement plans.
Introduced Mar 11, 2025 by Sen. Mitch McConnell
It's waiting on a committee vote to reach the full chamber. Most bills never leave this stage.
This bill excludes from gross income the gain from the sale or exchange of qualified farmland property to a qualified farmer that is contributed to an individual retirement account (IRA). This generally prevents the federal capital gains tax from being imposed on such gain. (Conditions apply.)
Specifically, the bill excludes from gross income any gain from the sale or exchange of qualified farmland property contributed to an IRA within 60 days of the sale or exchange if
the requisite election is made,
the property is sold to an individual actively engaged in farming (qualified farmer),
Read the full summary on Congress.govSummary by the Congressional Research Service.
No floor votes yet — it hasn't reached the floor of either chamber.