No Capital Gains Tax on Family Farms Act

[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [H.R. 8591 Introduced in House (IH)] <DOC> 119th CONGRESS 2d Session H. R. 8591 To amend the Internal Revenue Code of 1986 to provide an exclusion from gross income of gain from the sale of qualified farm property to qualified family members. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES April 30, 2026 Mr. Massie (for himself, Ms. Perez, Mr. Roy, Mr. Davidson, Mr. Burchett, Ms. Boebert, Ms. Mace, Mr. Edwards, Mr. Burlison, Mr. Collins, and Ms. Fedorchak) introduced the following bill; which was referred to the Committee on Ways and Means _______________________________________________________________________ A BILL To amend the Internal Revenue Code of 1986 to provide an exclusion from gross income of gain from the sale of qualified farm property to qualified family members. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``No Capital Gains Tax on Family Farms Act''. SEC. 2. EXCLUSION FROM GROSS INCOME OF GAIN FROM SALE OF QUALIFIED FARM PROPERTY TO QUALIFIED FAMILY MEMBERS. (a) In General.--Part III of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after section 121 the following new section: ``SEC. 121A. EXCLUSION OF GAIN FROM SALE OF QUALIFIED FARM PROPERTY TO QUALIFIED FAMILY MEMBERS. ``(a) Exclusion.--Gross income shall not include gain from the sale or exchange of qualified farm property to a qualified family member of the taxpayer. ``(b) Definitions.--For purposes of this section-- ``(1) Qualified farm property.--The term `qualified farm property' means any interest in real property located in the United States if, during periods aggregating 2 years or more during the 8-year period ending on the date of the sale or exchange of such real property, such real property wa