Lets people selling farmland avoid taxes on profits if reinvested in retirement.
This bill would let people who sell certain farmland avoid paying capital gains taxes on their profits if they put that money into an individual retirement plan within 60 days. It would also increase the amount they can contribute to their retirement plan to match these reinvested profits. However, the farmer buying the land would face a special tax if they stop farming or sell the land within 10 years.
Today, profits from selling farmland are generally taxed as capital gains, and there are strict limits on how much you can put into an individual retirement plan each year. After this bill, people selling qualified farmland to a qualified farmer would not have to pay capital gains tax on those profits if they put the money into an individual retirement plan within 60 days, and they could contribute more than the usual limit to their retirement plan to do so.
S 930 · 119th Congress · March 11, 2025 · AI Summary by gemini-2.5-flash · 8/10
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2 filings mentioned this bill
Amounts reflect total quarterly lobbying spend reported to the Senate, not bill-specific spending. Source: Senate LDA filings.