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Problem:SECTION 1. SHORT TITLE.

This Act may be cited as the ''Family Farm Preservation and
Conservation Estate Tax Act''.

SEC. 2. EXCLUSION FROM GROSS ESTATE FOR CERTAIN FARMLAND SO LONG AS
FARMLAND USE CONTINUES.

(a) In General.--Part III of subchapter A of chapter 11 of the
Internal Revenue Code of 1986 (relating to gross estate) is amended by
inserting after section 2033 the following new section:

''SEC. 2033A. EXCLUSION OF CERTAIN FARMLAND SO LONG AS USE AS FARMLAND
CONTINUES.

''(a) In General.--In the case of an estate of a decedent to which
this section applies, if the executor makes the election described in
subsection (f), the value of the gross estate shall not include the
adjusted value of qualified farmland included in the estate.
''(b) Estates to Which Section Applies.--This section shall apply
to an estate if--
''(1) the decedent was (at the date of the decedent's
death) a citizen or resident of the United States, and
''(2) during the 8-year period ending on the date of the
decedent's death there have been periods aggregating 5 years or
more during which--
''(A) the qualified farmland was owned by the
decedent or a member of the decedent's family, and
''(B) there was material participation (within the
meaning of section 2032A(e)(6)) by the decedent or a
member of the decedent's family in the operation of
such farmland, except that 'material participation'
shall also include any rental of real estate and
related property between the estate of the decedent or
any successor thereto and any tenant so long as the
tenant uses the real estate and related property to
produce agricultural or horticultural commodities,
including but not limited to livestock, bees, poultry,
orchards and woodlands, timber and fur-bearing animals
and wildlife on such farmland.
Rules similar to the rules of paragraphs (4) and (5) of section
2032A(b) shall apply for purposes of subparagraph (B).
''(c) Definitions and Special Rule.--For purposes of this section--
''(1) Qualified farmland.--The term 'qualified farmland'
means any real property or other property related to the farm
operation--
''(A) which is located in the United States,
''(B) which is used as a farm for farming purposes,
and
''(C) which was acquired from or passed from the
decedent to a qualified heir of the decedent and which,
on the date of the decedent's death, was being so used
by the decedent or a member of the decedent's family.
''(2) Member of family.--A member of a family, with respect
to any individual, means--
''(A) a member of the family (as defined by section
2031A(e)(2)), and
''(B) includes--
''(i) a lineal descendant of any spouse
described in subparagraph (D) of section
2032A(e)(2),
''(ii) a lineal descendant of a sibling of
a parent of such individual,
''(iii) a spouse of any lineal descendant
described in clause (ii), and
''(iv) a lineal descendant of a spouses
described in clause (iii).
''(3) Adjusted value.--The term 'adjusted value' means the
value of farmland for purposes of this chapter (determined
without regard to this section), reduced by the amount
deductible under paragraph (3) or (4) of section 2053(a).
''(4) Other terms.--Any other term used in this section
which is also used in section 2032A shall have the same meaning
given such term by section 2032A.
''(d) Tax Treatment of Dispositions and Failures To Use for Farming
Purposes.--
''(1) Imposition of recapture tax.--If, at any time after
the decedent's death--
''(A) the qualified heir disposes of any interest
in qualified farmland (other than by a disposition to a
member of his family), or
''(B) the qualified heir ceases to use the real
property which was acquired (or passed) from the
decedent as a farm for farming purposes,
then there is hereby imposed a recapture tax on such
disposition or cessation of use.
''(2) Amount of recapture tax.--The amount of the tax
imposed by paragraph (1) shall be the excess of--
''(A) the tax which would have been imposed by
section 2001 on the estate of the decedent but
determined as if such estate included the interest in
qualified farmland described in paragraph (1) which was
so disposed of or ceased to be so used, reduced by the
credits allowable against such tax, over
''(B) the tax imposed by section 2001 on the estate
of the decedent, reduced by such credits.
For purposes of this paragraph, the value of the interest in
qualified farmland specified in subparagraph (A) shall be the
adjusted value of such interest as of the date of the
disposition or cessation of such interest described in
paragraph (1).
''(3) Regulations.--The Secretary may prescribe such
regulations as may be necessary or appropriate to carry out
this subsection, including regulations requiring record keeping
and information reporting, except that the Secretary may not
impose a lien on the estate of the decedent or qualified
farmland for such purposes.
''(e) Application of Other Rules.--Rules similar to the rules of
subsections (e) (other than paragraph (13) thereof), (f), (g), (h), and
(i) of section 2032A shall apply for purposes of this section.
''(f) Election.--The election under this subsection shall be made
on or before the due date (including extensions) for filing the return
of tax imposed by section 2001 and shall be made on such return.''.
(b) Clerical Amendment.--The table of sections for part III of
subchapter A of chapter 11 of such Code 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
continues.''.
(c) 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. TEMPORARY EXCLUSION OF QUALIFIED CONSERVATION EASEMENTS.

(a) In General.--Part III of subchapter A of chapter 11 of the
Internal Revenue Code of 1986 (relating to gross estate), as amended by
section 2, is amended by inserting after section 2033A the following
new section:

''SEC. 2033B. TEMPORARY EXCLUSION OF QUALIFIED CONSERVATION EASEMENTS.

''(a) In General.--In the case of an estate of a decedent to which
this section applies, if the executor makes the election described in
subsection (d)--
''(1) the value of the gross estate shall not include the
value of land subject to a qualified conservation easement
included in the estate, but
''(2) a tax under subsection (b) shall apply.
''(b) Tax Treatment of Dispositions and for Use Incompatible With
Conservation Easement.--
''(1) Imposition of recapture tax.--If, at any time after
the decedent's death--
''(A) the qualified heir disposes of any interest
in the land described in subsection (a)(1) (other than
by a disposition to a member of his family), or
''(B) the qualified heir uses any portion of the
land described in subsection (a)(1) in a manner which
violates the terms of such easement,
then there is hereby imposed a recapture tax on such
disposition or use.
''(2) Amount of recapture tax.--The amount of the tax
imposed by paragraph (1) shall be the excess of--
''(A) the tax which would have been imposed by
section 2001 on the estate of the decedent, determined
as if--
''(i) section 2031(c) did not apply, and
''(ii) as if such estate included the
interest described in paragraph (1)(A) or the
portion described in paragraph (1)(B), as
applicable,
reduced by the credits allowable against such tax, over
''(B) the tax imposed by section 2001 on the estate
of the decedent, reduced by such credits.
For purposes of this paragraph, the value of any interest in
land or portion of land subject to a qualified conservation
easement shall be the fair market value of such interest or
portion as of the date of the disposition or use of such
interest or portion described in paragraph (1).
''(3) Regulations.--The Secretary may prescribe such
regulations as may be necessary or appropriate to carry out
this subsection, including regulations requiring record keeping
and information reporting, except that the Secretary may not
impose a lien on the estate of the decedent, land subject to a
qualified conservation easement, or qualified conservation
easement for such purposes.
''(c) Land Subject to Qualified Conservation Easement.--For
purposes of this section, the terms 'land subject to a qualified
conservation easement' and 'qualified conservation easement' have the
meanings given such terms by section 2031(c)(8).
''(d) Election.--The election under this subsection shall be made
on or before the due date (including extensions) for filing the return
of tax imposed by section 2001 and shall be made on such return.''.
(b) Clerical Amendment.--The table of sections for subchapter B of
chapter 62 of such Code is amended by adding at the end the following
new item:

''Sec. 2033B. Temporary exclusion of qualified conservation
easements.''.
(c) 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. 4. MODIFICATION OF DEFINITION OF QUALIFIED CONSERVATION EASEMENT.

(a) In General.--Subparagraph (B) of section 2031(c)(8) of the
Internal Revenue Code of 1986 is amended by striking ''and the
restriction on the use of such interest described in section
170(h)(2)(C) shall include a prohibition on more than a de minimis use
for a commercial recreational activity''.
(b) 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. 5. MODIFICATION OF RULES RELATING TO VALUATION OF CERTAIN FARM,
ETC., REAL PROPERTY.

(a) Disposition of Interest Subject to Qualified Conservation
Easement.--Subparagraph (A) of section 2032A(c)(1) of the Internal
Revenue Code of 1986 is amended by striking ''family)'' and inserting
''family or by a disposition to any other person when such interest in
real property is subject to a qualified conservation easement (as
defined in section 2031(c)(8)(B)))''.
(b) Woodlands Subject to Management Plan.--Paragraph (2) of section
2032A(c) of such Code is amended by adding at the end the following new
subparagraph:
''(F) Exception for woodlands subject to management
plan.--Subparagraph (E) shall not apply to any
disposition or severance of standing timber on a
qualified woodland that is made pursuant to--
''(i) a written forest management plan
developed by a credentialed professional
forester,
''(ii) a written forest management plan
that is equivalent to a forest stewardship
plan, or
''(iii) a third-party audited forest
certification system or similar land management
protocol.''.
(c) Sale of Conservation Easement Not a Disposition.--Paragraph (8)
of section 2032A(c) of such Code is amended--
(1) by striking ''A qualified'' and inserting ''Neither a
qualified'', and
(2) by inserting ''nor a sale of a conservation easement
limiting the use of qualified real property'' after
''otherwise''.
(d) Farm Defined.--Paragraph (4) of section 2032A(e) of such Code
is amended by striking ''orchards and woodlands'' and inserting
''orchards, woodlands, and properties managed to provide habitat in
support of fish and wildlife dependent recreation''.
(e) Farming Purpose Defined.--Paragraph (5) of section 2032A(e) of
such Code is amended--
(1) in subparagraph (A) by inserting '', silvicultural,''
after ''agricultural'', and
(2) by striking ''and'' at the end of subparagraph (B), by
striking the period at the end of subparagraph (C) and
inserting '', and'', and by adding at the end the following:
''(D) creating, restoring, enhancing, or
maintaining habitat for the purpose of generating
revenue from nature-oriented recreational
opportunities, including hunting, fishing, wildlife
observation, and related fish and wildlife dependent
recreation.''.
(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.
Solution:
Family Farm Preservation and Conservation Estate Tax Act - Amends the Internal Revenue Code to: (1) exclude from the gross estate the value of property used by a decedent and the decedent's family as a farm for farming purposes and certain qualified conservation easements; and (2) impose a recapture tax if such farmland is sold outside the decedent's family or is no longer used for farming purposes or if a qualified conservation easement is likewise sold or used in violation of the terms of such easement.