Beginning Farmer Tax Incentive Act

This bill would change federal tax law so that people who sell or rent farmland to beginning farmers pay less income tax on that income. A seller could leave out 40 percent of the gain from selling farmland held more than a year to a beginning farmer, up to $1,500,000 over five years. A landowner could leave out up to $25,000 a year in income from leasing farmland to a beginning farmer for a term of 10 years or less. If sold land stops being used as a farm within five years, the seller would have to pay back part or all of the tax break. The Treasury would report to Congress each year on the cost and use of this tax exclusion.

Full text and official record on Congress.gov

Sponsors

• Mark Alford Republican sponsor
• 0 cosponsors