PlainBillCongress, translated.Legislation. Context. Public interest.Read twice and referred to the Committee on Finance.
Congressional Research Service
Version 00 · Introduced in Senate · Mar 20, 1997
American Farm and Ranch Protection Act of 1997 - Amends the Internal Revenue Code to exclude from the gross estate, if elected by the executor, the value of land subject to a qualified conservation easement, except for any debt-financed portion. Provides for the treatment of any retained development right. Adds references to such property to provisions controlling the basis of property acquired from a decedent. Prohibits treating the transfer by gift of land subject to a qualified conservation easement as a transfer of property by gift for purposes of provisions relating to gift taxes. Amends provisions relating to the valuation of certain farm and other real property to prohibit a qualified conservation contribution (as defined in provisions relating to charitable contributions) from being deemed a disposition unless it is subject to a conservation easement. Declares that, if property is otherwise qualified real property, being subject to a conservation easement does not disqualify it. Allows a contribution to be treated as exclusively for conservation purposes if the surface estate and mineral interests have been and remain separated (currently, if the surface estate and mineral interests were separated before June 13, 1976, and remain separated) and if the probability of surface mining is so remote as to be negligible.
People & committees
Sen. Chafee, John H. [R-RI] · R–RI
Legislative record
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Read twice and referred to the Committee on Finance.
Sponsor introductory remarks on measure. (CR S2670)
Introduced in Senate
Primary sources
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Source last updated: Aug 21, 2025. Consult Congress.gov for the current record.
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