A bill to amend the Internal Revenue Code of 1954 to permit the rollover of gain from the sale (under a farmland preservation program) of farmland development rights to any State or political subdivision thereof or to certain charitable organizations, and for other purposes.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to provide for the nonrecognition of gain from the sale of farmland development rights to a State, political subdivision, or tax-exempt organization under a qualified State farmland preservation program if the taxpayer purchases qualified farming property within 18 months of such sale. Excludes from gross income up to $125,000 of gain from the sale of farmland development rights by an individual aged 55 or older. Allows a charitable contribution deduction for gain from the sale of farmland development rights to such eligible recipients to the extent that the fair market value of such rights exceeds the amount actually received by the taxpayer. Provides rules for the allocation of basis on the sale of such rights. Prescribes criteria for determining whether there is a significant public benefit from such charitable contributions.…