110-H.R.1458

To amend the Internal Revenue Code of 1986 to exclude from gross income gain on the sale or exchange of farmland development rights.

3/9/2007--Introduced.

Family Farm Preservation Act of 2007 - Amends the Internal Revenue Code to exclude from gross income gain from the sale or exchange of qualified farmland development rights to a tax-exempt conservation organization. Defines "qualified farmland development rights" as a restriction limiting farmland to use as a farm for farming purposes or for exclusively conservation purposes.

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