US SB930

Capital gains from selling qualified farmland to qualified farmers can be excluded from gross income if reinvested in an individual retirement plan within 60 days of the sale

Qualified farmland must be U.S. real property used as a farm or leased for farming purposes for substantially all of the preceding 10-year period

Qualified farmers must be actively engaged in farming and sign a written agreement consenting to recapture tax provisions

If the purchasing farmer disposes of the farmland or stops using it for farming within 10 years, a recapture tax applies equal to the excluded gain plus interest, with the farmer personally liable

IRA contribution limits are waived for amounts contributed from qualified farmland sales, and the exclusion applies to sales in taxable years beginning after enactment