No Capital Gains Tax on Family Farms Act

This bill, titled the No Capital Gains Tax on Family Farms Act, would allow farmers to sell their land to immediate family members without paying capital gains tax on the profit. To qualify, the property must have been used as a farm for at least two years within the eight years prior to the sale, and the buyer must be a spouse, lineal descendant, or their spouse. If the new owner keeps the farm for ten years, the property's tax basis will be adjusted upward to reflect its fair market value at the time of the sale. The law applies to sales occurring after its enactment and requires the IRS to issue regulations to guide its implementation.