Family Farm Protection Act

[AI summary unavailable — showing source text] Family Farm Protection Act - Amends the Internal Revenue Code to allow an established farmer who sells farmland to an eligible beginning farmer an income tax credit equal to the difference between the market price of the farmland and the farm value price of the land. Limits the maximum amount of the tax credit to $300,000. Permits a carryback and carryforward for any portion of the tax credit not used in the taxable year. Imposes an additional tax on the beginning farmer who acquires farmland for which the tax credit was allowed where the farmland is either disposed of or ceases to be family farm property within ten years of the original sale. Specifies rules for determining when property ceases to be considered a family farm, and for calculating the amount of the additional tax. Provides that the total amount of tax deductions for farming operations allowed for an individual or corporate taxpayer cannot exceed an amount equal to the gross income earned from farming plus non-farm income up to a maximum of $15,000. Requires the $15,000 limit to be reduced (but not below zero) by the amount by which the adjusted non-farm income exceeds $15,000.…