,i  #aacth ,,congress  #ast ,session    
,h4 ,r4 #addh  ,,in ,,the ,,house ,,of  
,,representatives  ,april #i1 #bjac ,mr4
 ,austin ,scott of ,georgia 7for        
himself1 ,mr4 ,broun of ,georgia1 ,mr4  
,westmoreland1 ,mr4 ,rogers of ,alabama1
 ,mr4 ,yoho1 ,mr4 ,mc,intyre1 ,mr4      
,kingston1 and ,mr4 ,crawford7          
introduced the following bill2 which was
 referred to the ,committee on ,ways and
 ,means  ,a ,,bill  ,to amend the       
,internal ,revenue ,code of #aihf to    
increase the aggregate reduction in the 
fair market value of farm1 etc41 real   
property under section #bjcb;,a to      
#b1jjj1jjj1 and for other purposes4  #a4
 ,short title ,this ,act may be cited as
 the ,farmers and ,ranchers ,minimizing 
,estate ,regulations ,act of #bjac or   
the ,,farmer ,act of #bjac4  #b4        
,modifications to alternate valuation of
 farm1 etc41 real property  7a7 ,maximum
 reduction increased to #b1jjj1jjj  7#a7
 ,in general ,paragraph 7#b7 of section 
#bjcb;,a7a7 of the ,internal ,revenue   

,code of #aihf 7relating to limitation  
on aggregate reduction in fair market   
value7 is amended by striking #gej1jjj  
and inserting #b1jjj1jjj4  7#b7         
,conforming amendment ,the first        
sentence of section #bjcb;,a7a77#c7 of  
such ,code is amended to read as        
follows3  ,in the case of estates of    
decedents dying in a calendar year after
 #bjab1 the #b1jjj1jjj amount contained 
in paragraph 7#b7 shall be increased by 
an amount equal to-- 7,a7 #b1jjj1jjj1   
multiplied by  7,b7 the cost-of-living  
adjustment determined under section     
#a7;f77#c7 for such calendar year by    
substituting calendar year #bjaa for    
calendar year #aiib in subparagraph 7,b7
 thereof4  4  7b7 ,reduction in required
 holding and use periods of decedent    
,subparagraph 7,c7 of section           
#bjcb;,a7b77#a7 of such ,code is        
amended--  7#a7 by striking #h-year     
period and inserting #e-year period1 and
  7#b7 by striking #e years and         
inserting #c years4  7c7 ,reduction in  

required holding and use periods ,to    
avoid recapture  7#a7 ,in general       
,paragraph 7#a7 of section #bjcb;,a7c7  
of such ,code is amended--  7,a7 by     
striking #aj years and inserting #e     
years1 and  7,b7 by striking            
subparagraph 7,b7 and inserting the     
following new subparagraph3  7,b7 there 
have been periods aggregating #c years  
or more during which the qualified heir 
does not use for the qualified use the  
qualified real property which was       
acquired 7or passed7 from the decedent1 
4  7#b7 ,conforming amendment ,clause   
7ii7 of section #bjcb;,a7c77#g77;,a7 of 
such ,code is amended by striking       
#aj-year and inserting #e-year4  7d7    
,certain rents from controlled entities 
treated as qualified ,subparagraph 7,e7 
of section #bjcb;,a7c77#g7 of such ,code
 is amended by inserting 7or to an      
entity more than #ej percent 7by vote   
and value7 of the equity interests in   
which are owned directly by members of  
such family7 after descendant4  7e7     

,repeal of use of gross cash rental of  
comparable land in valuing farms  7#a7  
,in general ,subparagraphs 7,a7 and 7,b7
 of section #bjcb;,a7e77#g7 of such     
,code 7relating to method of valuing    
farms7 are amended to read as follows3  
7,a7 ,in general ,the value of a farm   
for farming purposes shall be determined
 by dividing--  7i7 the excess of the   
average annual net share rental for     
comparable land used for farming        
purposes and located in the locality of 
such farm over the average annual ,state
 and local real estate taxes for such   
comparable land1 by  7ii7 the average   
annual effective interest rate for all  
new ,federal ,land ,bank loans4  ,for   
purposes of the preceding sentence1 the 
average annual net share rental         
computation shall be made on the basis  
of the #e most recent calendar years    
ending before the date of the decedent's
 death4  7,b7 ,net share rental ,for    
purposes of this paragraph1 the term net
 share rental means the excess of--  7i7

 the value of the produce received by   
the lessor of the land on which such    
produce is grown1 over  7ii7 the cash   
operating expenses of growing such      
produce which1 under the lease1 are paid
 by the lessor4  4  7#b7 ,conforming    
amendment ,subparagraph 7,c7 of section 
#bjcb;,a7e77#g7 of such ,code is amended
 by striking that there is no comparable
 land from which the average annual     
gross cash rental may be determined1    
and4  7f7 ,effective date ,the          
amendments made by this section shall   
apply to estates of decedents dying     
after the date of the enactment of this 
,act4  #c4 ,woodlands subject to        
management plan  7a7 ,in general        
,paragraph 7#b7 of section #bjcb;,a7c7  
of the ,internal ,revenue ,code of #aihf
 is amended by adding at the end the    
following new subparagraph3  7,f7       
,exception for woodlands subject to     
management plan ,subparagraph 7,e7 shall
 not apply to any disposition or        
severance of standing timber on a       

qualified woodland if the harvest is--  
7i7 consistent with a written forest    
management plan developed under the     
,cooperative ,forestry ,assistance ,act 
of #aigh 7#af ,u4,s4,c4 #bajc;a71 or an 
equivalent plan approved by the ,state  
,forester1  7ii7 conducted under the    
guidance of a qualified forestry        
professional 7as determined by the      
,secretary in consultation with the     
,united ,states ,forest ,service71 or   
7iii7 conducted on lands certified to a 
third-party audited forest certification
 system or similar land management      
protocol1 as determined by the ,united  
,states ,forest ,service4  4  7b7       
,effective date ,the amendment made by  
subsection 7a7 shall apply to the       
disposition or severance of standing    
timber after the date of the enactment  
of this ,act4