Exempts gain from selling family farm property to family members from capital gains tax.
The No Capital Gains Tax on Family Farms Act amends the Internal Revenue Code to exclude from gross income the gain from selling qualified farm property to qualified family members. Qualified family members include the taxpayer's spouse, lineal descendants, and the spouse of any lineal descendants. Qualified farm property is real property used as a farm for at least two years during the eight years before the sale. The exclusion applies to sales or exchanges after the bill's enactment.
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