This bill proposes to amend the Internal Revenue Code of 1986 by creating a new exclusion from gross income for certain capital gains. Specifically, it allows a taxpayer to exclude gain from the sale or exchange of qualified farmland property to a qualified farmer , provided the gain does not exceed the amount contributed by the taxpayer to an individual retirement plan within a 60-day period following the sale. This provision aims to incentivize the transfer of farmland to active farmers while facilitating retirement savings for the sellers. For the exclusion to apply, the taxpayer must make an election and file an agreement with the Secretary. Qualified farmland property is defined as real property in the United States used as a farm or leased for farming for substantially all of the 10-year period before the sale. A qualified farmer is an individual actively engaged in farming who is designated in the agreement. The bill also includes a clawback provision: if the qualified farmer disposes of the property or ceases its use for farming within 10 years, an additional tax is imposed, for which the qualified farmer is personally liable. This tax includes the previously excluded gain amount, calculated at specific tax rates, plus interest. Furthermore, the bill waives the standard IRA contribution limitation, allowing the full amount of the excluded gain to be contributed to an individual retirement plan.