II
111th CONGRESS
2d Session
S. 3640
IN THE SENATE OF THE UNITED STATES
July 22, 2010
Mr. Udall of Colorado (for himself, Mr. Crapo, Mr. Gregg, Mr. Bennet, and Ms. Klobuchar) introduced the following bill; which was read twice and referred to the Committee on Finance
A BILL
To amend the Internal Revenue Code of 1986 to increase the limitations on the amount excluded from the gross estate with respect to land subject to a qualified conservation easement.
Short title
This Act may be cited as
the American Family Farm and Ranchland
Protection Act of 2010
.
Increase in limitations on the amount excluded from the gross estate with respect to land subject to a qualified conservation easement
Increase in dollar limitation on exclusion
Paragraph (3) of section 2031(c)
of the Internal Revenue Code of 1986 (relating to exclusion limitation) is
amended by striking the exclusion limitation is
and all that
follows and inserting the exclusion limitation is
$5,000,000.
.
Increase in percentage of value of land which is excludable
Paragraph (2) of section 2031(c) of such Code (relating to applicable percentage) is amended—
by striking
40 percent
and inserting 50 percent
, and
by striking
2 percentage points
and inserting 2.5 percentage
points
.
Effective date
The amendments made by this section shall apply to the estates of decedents dying after December 31, 2009.