Amends the Internal Revenue Code to exclude from gross income capital gains from the sale of certain farmland property when reinvested in individual.

The bill amends the Internal Revenue Code to exclude from gross income capital gains from the sale of certain farmland property, provided the gains are reinvested in individual retirement plans. This exclusion applies to sales or exchanges of qualified farmland property, which is defined as real property used for farming purposes or leased for farming purposes during substantially all of the 10-year period ending on the date of the sale or exchange.

Amends the Internal Revenue Code to exclude from gross income capital gains from the sale of certain farmland property when reinvested in individual.

The bill amends the Internal Revenue Code to exclude from gross income capital gains from the sale of certain farmland property, provided the gains are reinvested in individual retirement plans. This exclusion applies to sales or exchanges of qualified farmland property, which is defined as real property used for farming purposes or leased for farming purposes during substantially all of the 10-year period ending on the date of the sale or exchange.