H.R. 6721 · 110th Congress
Farmland Preservation and Land Conservation Act of 2008
- Stage
- In committee
- Sponsor
- Timothy Bishop
- Introduced
- 2008-07-31
- Latest action
- 2008-07-31 · Introduced in House
Summary
Farmland Preservation and Land Conservation Act of 2008 - Amends the Internal Revenue Code to allow an estate and gift tax exclusion for real property located in the United States which at the time of a decedent's death was being used as a farm for farming purposes or exclusively for conservation purposes. Imposes: (1) an additional estate or gift tax with respect to such property if an heir or donee disposes of or uses such property for other than farming or conservation purposes; and (2) a federal tax lien on such property until liability for estate or gift tax with respect to such property has been satisfied or has become unenforceable.