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No Capital Gains Tax on Family Farms Act
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.
Summary
This bill allows taxpayers to exclude capital gains from the sale of qualified farm property when selling to qualified family members such as spouses, children, or grandchildren. Qualified farm property is real property that was used for farming for at least two years during the eight-year period before the sale. The buyer inherits the seller's tax basis in the property, but if they hold it for 10 years without selling or exchanging it, the basis is increased to reflect the gain that was excluded from taxes. The bill applies to farm sales that occur after its enactment.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
- Rep. Massie, Thomas [R-KY-4] (R-KY)
11 cosponsors
- Rep. Boebert, Lauren [R-CO-4] (R-CO)
- Rep. Burchett, Tim [R-TN-2] (R-TN)
- Rep. Burlison, Eric [R-MO-7] (R-MO)
- Rep. Collins, Mike [R-GA-10] (R-GA)
- Rep. Davidson, Warren [R-OH-8] (R-OH)
- Rep. Edwards, Chuck [R-NC-11] (R-NC)
- Rep. Fedorchak, Julie [R-ND-At Large] (R-ND)
- Rep. Mace, Nancy [R-SC-1] (R-SC)
- Rep. Perez, Marie Gluesenkamp [D-WA-3] (D-WA)
- Rep. Perry, Scott [R-PA-10] (R-PA)
- Rep. Roy, Chip [R-TX-21] (R-TX)
Money behind the sponsor
Top reported contributors to Thomas Massie’s campaign committee (2024 cycle) — who funds the bill’s sponsor, not a claim about this bill. Data from FEC.
- CREST INSURANCE $6,600
- ORANGE COUNTY ASSOCIATES, INC. $6,600
- TRUE LEGACY HOMES $6,600
- Y COMBINATOR $6,600
- SAMNICO INC $6,600
Organizations whose employees gave the most — itemized individual contributions grouped by the donor’s reported employer (FEC Schedule A). Full finance for Thomas Massie → · Outside spending →
Actions (2)
- Apr 30, 2026 Referred to the House Committee on Ways and Means. · house
- Apr 30, 2026 Introduced in House
Similar bills (6)
Bills with similar text or summary — includes reintroductions across Congresses. Ranked by semantic similarity of the bill text (computed locally); a neutral discovery aid, not a claim the bills are duplicates.
Full text
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 was owned and used as a farm for farming purposes (within the meaning of section 2032A(e)) by the taxpayer.
“(2) Qualified family member.—The term ‘qualified family member’ means, with respect to any taxpayer—
“(A) the spouse of such taxpayer,
“(B) a lineal descendant of such taxpayer, of such taxpayer’s spouse, of a parent of such taxpayer, or of a parent of such taxpayer’s spouse, or
“(C) the spouse of any lineal descendant described in subparagraph (B). For purposes of the preceding sentence, a legally adopted child of an individual shall be treated as the child of such individual by blood.
“(c) Special Rules.—
“(1) Basis of qualified farm property.—For purposes of this section—
“(A) In general.—The basis of qualified farm property in the hands of a qualified family member following a sale or exchange described in subsection
(a) shall be the adjusted basis of such qualified farm property in the hands of the taxpayer immediately before such sale or exchange.
“(B) Increased basis following 10-year holding period.—If, following a sale or exchange described in subsection (a), the qualified farm property is not sold, exchanged, or otherwise disposed of for the 10- year period beginning on the date of such sale or exchange, the basis of such qualified farm property in the hands of the qualified family member (as of the first day following such 10-year period) shall be increased by an amount equal to the excess (if any) of—
“(i) the fair market value of such qualified farm property (as of the date of such sale or exchange), over
“(ii) the basis of such qualified farm property in the hands of such qualified family member (as otherwise determined under subparagraph (A)).
“(2) Election to have section not apply.—Rules similar to the rules of section 121(f) shall apply for purposes of this section.
“(d) Regulations.—The Secretary shall prescribe such regulations or other guidance as may be necessary or appropriate to carry out the purposes of this section, including with respect to the application of subsection (c)(1)(B) in cases other than where the entire interest in qualified farm property is not sold, exchanged, or otherwise disposed of for the applicable 10-year period.”.
(b) Clerical Amendment.—The table of sections for part III of subchapter B of chapter 1 of such Code is amended by inserting after the item relating to section 121 the following new item:
“Sec. 121A. Exclusion of gain from sale of qualified farm property to qualified family members.”.
(c) Effective Date.—The amendments made by this section shall apply to sales or exchanges after the date of the enactment of this Act. <all>
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