A bill to amend the Internal Revenue Code of 1986 to exclude from gross income capital gains from the sale of certain farmland property which are reinvested in individual retirement plans.

Bill 119 s 930, also known as the "Farmland Retirement Act," is a proposed piece of legislation that aims to amend the Internal Revenue Code of 1986. The main purpose of this bill is to exclude capital gains from the sale of certain farmland property from an individual's gross income if those gains are reinvested in individual retirement plans.

Under the current tax laws, individuals who sell farmland property and realize capital gains are required to pay taxes on those gains. However, this bill seeks to provide an incentive for individuals to reinvest those gains into their individual retirement plans by excluding them from their gross income.

The Farmland Retirement Act is designed to encourage individuals who own farmland to save for their retirement by allowing them to defer taxes on the capital gains from the sale of their property. This could potentially help farmers and other landowners to secure their financial future and ensure a comfortable retirement. Overall, Bill 119 s 930 aims to provide a tax benefit to individuals who choose to reinvest the capital gains from the sale of farmland property into their individual retirement plans. This could have a positive impact on the financial security of farmers and landowners across the country.