A bill to amend the Internal Revenue Code of 1954 to allow the investment tax credit for certain farm property purchased by an individual from an ancestor of the individual.

Amends the Internal Revenue Code to allow the investment tax credit for farm property used in connection with an individual's farm, if such property was acquired by such individual from one of his ancestor's or from a closely held business of such an ancestor.

States that for purposes of this Act, the term "closely held business" means, with respect to any individual, any corporation or partnership of which more than 51 percent of the interest is owned by such individual or his spouse.