Congress likely to OK these tax breaks for farmers in 2003.(Brief Article)

Kiplinger Agriculture Letter, The, February, 2003

Congress is likely to OK these tax breaks for farmers this year:

A 25% exclusion on gains from sale of conservation land. The property must have been held for five years prior to the sale. And the buyer must be a federal agency, a state or local government or a tax-exempt conservation group under the bill Congress will consider. The exclusion would be available for sales after the bill becomes law.

More tax-favored treatment for land donated for conservation.

Easing of percentage limits on deductions for 2003. The contributions would be deductible up to 50% of adjusted gross income, up from 30% now. For farmers...100% of AGI for conservation donations.