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.

Tax Exclusion on Farmland Sales: Taxpayers can exclude gains from their gross income when they sell qualified farmland to a qualified farmer, provided they reinvest those gains into an individual retirement plan within a 60-day period. (Section 139J(a))

Increased Retirement Contribution Limits: The bill increases the limitations for contributions to individual retirement plans to allow for the reinvestment of these specific capital gains. (Section 1(b))

Protection for Involuntary Conversions: No additional tax is imposed if the loss of property is due to an involuntary conversion. (Section 139J(e)(3)(A))

Additional Tax on Land Use Changes: If a qualified farmer sells the land or stops using it for farming purposes within 10 years, they are subject to an additional tax consisting of the excluded amount multiplied by specific tax rates plus interest. (Section 139J(c)(1) and (c)(2))

Personal Liability for Taxpayers: The qualified farmer is held personally liable for the additional tax imposed if the land use changes or the property is disposed of within the 10-year window. (Section 139J(c)(3))

Irrevocable Election: Once a taxpayer makes the election to exclude the gain, that decision cannot be changed. (Section 139J(d)(1))