To amend the Internal Revenue Code of 1986 to allow an unlimited exclusion from transfer taxes for certain farmland and land of conservation value, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Farmland Preservation and Land Conservation Act of 2013''.
SEC. 2. TRANSFER TAX EXCLUSION FOR CERTAIN FARMLAND AND LAND OF CONSERVATION VALUE.
(a) Estate Tax.-- (1) In general.--Part IV of subchapter A of chapter 11 of the Internal Revenue Code of 1986 (relating to gross estate) is amended by inserting after section 2058 the following new section:
``SEC. 2059. FARM AND CONSERVATION LAND.
``(a) In General.--For purposes of the tax imposed by section 2001, the value of the taxable estate shall be determined by deducting from the value of the gross estate an amount equal to the adjusted value of the qualified farm or conservation land 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) the executor elects the application of this section and files the agreement referred to in subsection (d)(2) with respect to the qualified farm or conservation land. ``(c) Definitions.--For purposes of this section-- ``(1) Qualified farm or conservation land.--The term `qualified farm or conservation land' means any real property-- ``(A)...