ation) is amended by adding at the end the following new 
subsection: 
‘‘(e) APPLICATION TO QUALIFIED FARMLAND.— 
‘‘(1) IN GENERAL.—In the case of any interest 
in qualified farmland (within the meaning of section 
2033A(c)(1)), this section shall apply in the same 
manner as such section applies to qualified real 
property. 
‘‘(2) FORM AND CONTENT.—In addition to any 
form and content otherwise required by the Sec-
retary with respect to a notice of lien filed against 
qualified farmland, such notice shall include a state-
ment that such lien is imposed solely for purposes of 
the estate tax exclusion granted with respect to such 
qualified farmland under section 2033A.’’. 
(c) 
WOODLANDS
SUBJECT
TO
MANAGEMENT 
PLAN.—Paragraph (2) of section 2032A(c) of such Code 
is amended by adding at the end the following new sub-
paragraph: 
‘‘(F) EXCEPTION
FOR
WOODLANDS
SUB-
JECT TO FOREST STEWARDSHIP PLAN.— 
‘‘(i) IN GENERAL.—Subparagraph (E) 
shall not apply to any disposition or sever-
ance of standing timber on a qualified 
woodland that is made pursuant to a forest 
VerDate Mar 15 2010 
23:41 Jun 02, 2010
Jkt 089200
PO 00000
Frm 00005
Fmt 6652
Sfmt 6201
E:\BILLS\H5475.IH
H5475
jbell on DSKDVH8Z91PROD with BILLS
stewardship plan developed under the Co-
operative Forestry Assistance Act of 1978 
(16 U.S.C. 2103a) or an equivalent plan 
approved by the State Forester. 
‘‘(ii) 
COMPLIANCE
WITH
FOREST 
STEWARDSHIP PLAN.—Clause (i) shall not 
apply if, during the 10-year period under 
paragraph (1), the qualified heir fails to 
comply with such forest stewardship plan 
or equivalent plan.’’. 
(d) CERTAIN CONSERVATION TRANSACTIONS NOT 
TREATED AS DISPOSITIONS.—Paragraph (8) of section 
2032A(c) of such Code is amended to read as follows: 
‘‘(8) CERTAIN
CONSERVATION
TRANSACTIONS 
NOT TREATED AS DISPOSITIONS.— 
‘‘(A) 
QUALIFIED
CONSERVATION
CON-
TRIBUTIONS.—A qualified conservation con-
tribution by gift or otherwise shall not be 
deemed 
a 
disposition 
under 
subsection 
(c)(1)(A). 
‘‘(B) QUALIFIED
CONSERVATION
EASE-
MENT SOLD TO QUALIFIED ORGANIZATION.—A 
sale of a qualified conservation easement to a 
qualified organization shall not be deemed a 
disposition under subsection (c)(1)(A). 
VerDate Mar 15 2010 
23:41 Jun 02, 2010
Jkt 089200
PO 00000
Frm 00006
Fmt 6652
Sfmt 6201
E:\BILLS\H5475.IH
H5475
jbell on DSKDVH8Z91PROD with BILLS
‘‘(C) DEFINITIONS.—For purposes of this 
paragraph— 
‘‘(i) the terms ‘qualified conservation 
contribution’ and ‘qualified organization’ 
have the meanings given such terms by 
section 170(h), and 
‘‘(ii) the term ‘qualified conservation 
easement’ has the meaning given such 
term by section 2031(c)(8).’’. 
(e) CLERICAL AMENDMENT.—The table of sections 
for part III of subchapter A of chapter 11 of the Internal 
Revenue Code of 1986 is amended by inserting after the 
item relating to section 2033 the following new item: 
‘‘Sec. 2033A. Exclusion of certain farmland so long as use as farmland con-
tinues.’’. 
(f) EFFECTIVE DATE.—The amendments made by 
this section shall apply to estates of decedents dying after 
the date of the enactment of this Act. 
SEC. 3. INCREASE IN LIMITATIONS ON THE AMOUNT EX-
CLUDED FROM THE GROSS ESTATE WITH RE-
SPECT TO LAND SUBJECT TO A QUALIFIED 
CONSERVATION EASEMENT. 
(a) INCREASE IN DOLLAR LIMITATION ON EXCLU-
SION.—Paragraph (3) of section 2031(c) of the Internal 
Revenue Code of 1986 (relating to exclusion limitation) 
is amended by striking ‘‘the exclusion limitation is’’ and 
VerDate Mar 15 2010 
23:41 Jun 02, 2010
Jkt 089200
PO 00000
Frm 00007
Fmt 6652
Sfmt 6201
E:\BILLS\H5475.IH
H5475
jbell on DSKDVH8Z91PROD with BILLS
all that follows and inserting ‘‘the exclusion limitation is 
$5,000,000.’’. 
(b) INCREASE IN PERCENTAGE OF VALUE OF LAND 
WHICH
IS
EXCLUDABLE.—Paragraph (2) of section 
2031(c) of the Internal Revenue Code of 1986 (relating 
to applicable percentage) is amended— 
(1) by striking ‘‘40 percent’’ and inserting ‘‘50 
percent’’, and 
(2) by striking ‘‘2 percentage points’’ and in-
serting ‘‘2.5 percentage points’’. 
(c) EFFECTIVE DATE.—The amendments made by 
this section shall apply to the estates of decedents dying 
after the date of the enactment of this Act. 
Æ 
VerDate Mar 15 2010 
23:41 Jun 02, 2010
Jkt 089200
PO 00000
Frm 00008
Fmt 6652
Sfmt 6301
E:\BILLS\H5475.IH
H5475
jbell on DSKDVH8Z91PROD with BILLS