一in Article 31, paragraph (1), the phrase "the amount of long-term capital gains (" is deemed to be replaced with "the amount remaining after deducting 15 million yen (or, where the portion of the amount of long-term capital gains pertaining to the transfer of land, etc. falling under the provisions of Article 34-2, paragraph (1) is less than 15 million yen, the amount of the portion pertaining to the transfer of the land, etc., and where the provisions of Article 32, paragraph (1) as read with the terms replaced pursuant to the provisions of item (ii) of that paragraph apply, the amount remaining after deducting the amount deducted pursuant to the provisions of that paragraph from 15 million yen or the amount of the portion pertaining to the transfer of the land, etc., whichever is lower) from the amount of long-term capital gains (";

二in Article 32, paragraph (1), the phrase "the amount of short-term capital gains (" is deemed to be replaced with "the amount remaining after deducting 15 million yen (or, where the portion of the amount of short-term capital gains pertaining to the transfer of land, etc. falling under the provisions of Article 34-2, paragraph (1) is less than 15 million yen, the amount of the portion pertaining to the transfer of the land, etc.) from the amount of short-term capital gains (".

一where land, etc. is purchased by a local government (including an organization established by it that is specified by Cabinet Order; the same applies in item (xii)), the Organization for Small and Medium Enterprises and Regional Innovation, JAPAN, the Urban Renaissance Agency, Narita International Airport Corporation, a Local Housing Corporation, or the Japan Workers' Housing Association for use in a project for the construction of housing or the development of residential land that it carries out (excluding a project specified by Cabinet Order) (excluding the case falling under the case listed in Article 33, paragraph (1), item (ii) or item (iv), Article 33-2, paragraph (1), item (i), or paragraph (2), item (i) of the preceding Article);

二where land, etc. is purchased by a person who carries out an expropriation based on the Expropriation of Land Act, etc. prescribed in Article 33, paragraph (1), item (i) (including a purchase referred to in item (ii) of that paragraph and a use referred to in paragraph (4), item (i) of that Article), or by a person specified by Cabinet Order as a person who is to act in place of that person, in order to use it as consideration for the expropriation; where land, etc. is purchased in order to construct improved housing prescribed in Article 2, paragraph (6) of the Residential Areas Improvement Act outside the area of the improvement district prescribed in paragraph (3) of that Article; or where land, etc. is purchased by a local government through a purchase of public housing prescribed in Article 2, item (iv) of the Act on Public Housing (Act No. 193 of 1951) (excluding the case falling under the case listed in Article 33, paragraph (1), item (ii) or item (iv) or Article 33-2, paragraph (1), item (i), or the case specified by Cabinet Order);

三where land, etc. is purchased between January 1, 1994 and December 31, 2026 for use in a project for the development of a single block of residential land (limited to a project that satisfies the following requirements and is specified by Cabinet Order) (limited to the case specified by Cabinet Order):

イthe development of the single block of residential land is carried out as a land readjustment project under the Land Readjustment Act (limited to a land readjustment project whose project district prescribed in Article 2, paragraph (4) of that Act (referred to in (b) as the "project district") is wholly included in the area designated as an urbanization promotion area referred to in Article 7, paragraph (1) of the City Planning Act);

ロthe area of the single block of land pertaining to the development of the single block of residential land (limited to a single block of land located within the project district of the land readjustment project referred to in (a), which is held by the individual or corporation purchasing the land, etc. within that project district) is five hectares or more, and the project satisfies any other requirements specified by Cabinet Order;

ハthe residential land developed through the project is to be sold in lots by means of public offering.

四where land, etc. is purchased by a local government, a Land Development Public Corporation, or a corporation specified by Cabinet Order based on the consultation referred to in Article 6, paragraph (1) of the Act on Advancement of Expansion of Public Lands (Act No. 66 of 1972) (excluding the case falling under the case listed in Article 33, paragraph (1), item (ii) or any of the items of paragraph (2) of the preceding Article);

五where land located within a special district for prevention of aircraft noise damage prescribed in Article 4, paragraph (1) of the Act on Special Measures concerning Countermeasures against Aircraft Noise around Specified Airports is purchased pursuant to the provisions of Article 9, paragraph (2) of that Act;

六where land, etc. located within the district of a roadside district plan listed in Article 12-4, paragraph (1), item (iv) of the City Planning Act is purchased by a local government or a roadside improvement promotion organization prescribed in Article 13-2, paragraph (1) of the Act on Improvement of Areas Along Trunk Roads (Act No. 34 of 1980) (limited to one specified by Cabinet Order), for use in a project specified by Cabinet Order for the improvement of public facilities or facilities for public use, the development of residential land, or the development of buildings and building sites, which any of those persons carries out for the improvement of the roadside areas of a roadside improvement road listed in Article 2, item (ii) of that Act (excluding the case falling under the case listed in Article 33, paragraph (1), item (ii) or item (iv), Article 33-2, paragraph (1), item (i), or paragraph (2), item (i) of the preceding Article, or the case listed in item (i), item (ii), or item (iv));

七where land, etc. located within a specified disaster prevention block improvement zone listed in Article 8, paragraph (1), item (v)-2 of the City Planning Act or within the district of a disaster prevention block improvement district plan listed in Article 12-4, paragraph (1), item (ii) of that Act is purchased by a local government or a disaster prevention block improvement promotion organization prescribed in Article 300, paragraph (1) of the Act on Promotion of Improvement of Disaster Control Districts in Populated Urban Districts (limited to one specified by Cabinet Order), for use in a project specified by Cabinet Order for the improvement of public facilities or facilities for public use, the development of residential land, or the development of buildings and building sites, which any of those persons carries out for the improvement as a disaster prevention block listed in Article 2, item (ii) of that Act (excluding the case falling under the case listed in Article 33, paragraph (1), item (ii) or item (iv), Article 33-2, paragraph (1), item (i), or paragraph (2), item (i) of the preceding Article, or the case listed in item (i), item (ii), or item (iv));

八where land, etc. located within the district of a certified central urban district is purchased by a local government or a central urban district development promotion organization prescribed in Article 61, paragraph (1) of the Act on Vitalization in City Center (limited to one specified by Cabinet Order), for use in a project specified by Cabinet Order for the improvement of public facilities or facilities for public use, the development of residential land, or the development of buildings and building sites, which any of those persons carries out in line with the contents of the certified basic plan prescribed in Article 12, paragraph (1) of that Act for the improvement of the certified central urban district prescribed in Article 16, paragraph (1) of that Act (hereinafter referred to in this item as a "certified central urban district") (excluding the case falling under the case listed in Article 33, paragraph (1), item (ii) or item (iv), Article 33-2, paragraph (1), item (i), or paragraph (2), item (i) of the preceding Article, or the case listed in item (i), item (ii), item (iv), or the preceding two items);

九where land, etc. located within the district of a landscape plan prescribed in Article 8, paragraph (1) of the Landscape Act (Act No. 110 of 2004) is purchased by a local government or a landscape improvement organization prescribed in Article 92, paragraph (1) of that Act (limited to one specified by Cabinet Order; the same applies hereinafter in this item), for use in a project for the improvement of landscape-important public facilities prescribed in Article 8, paragraph (2), item (iv), (b) of that Act that are specified in the landscape plan (where the project is carried out by the landscape improvement organization, limited to a project carried out under the control of a local government) (excluding the case falling under the case listed in Article 33, paragraph (1), item (ii), Article 33-2, paragraph (1), item (i), or paragraph (2), item (i) of the preceding Article, or the case listed in item (ii), item (iv), or the preceding three items);

十where land, etc. located within the district of an urban reconstruction development plan prescribed in Article 46, paragraph (1) of the Act on Special Measures concerning Urban Reconstruction or a location optimization plan prescribed in Article 81, paragraph (1) of that Act is purchased by a local government or an urban reconstruction promotion corporation prescribed in Article 118, paragraph (1) of that Act (limited to one specified by Cabinet Order; the same applies hereinafter in this item), for use in a project for the improvement of public facilities that is specified in the urban reconstruction development plan or the location optimization plan (where the project is carried out by the urban reconstruction promotion corporation, limited to a project carried out under the control of a local government) (excluding the case falling under the case listed in Article 33, paragraph (1), item (ii) or item (iv), Article 33-2, paragraph (1), item (i), or paragraph (2), item (i) of the preceding Article, or the case listed in item (i), item (ii), item (iv), or item (vi) through the preceding item);

十一where land, etc. located within a certified priority area prescribed in Article 12, paragraph (1) of the Act on Maintenance and Improvement of Traditional Scenery in Certain Districts (Act No. 40 of 2008) is purchased by a local government or a traditional scenery maintenance and improvement support corporation prescribed in Article 34, paragraph (1) of that Act (limited to one specified by Cabinet Order; the same applies hereinafter in this item), for use in a project for the improvement of public facilities or facilities for public use that is specified in the certified traditional scenery maintenance and improvement plan prescribed in Article 8 of that Act for the certified priority area (where the project is carried out by the traditional scenery maintenance and improvement support corporation, limited to a project carried out under the control of a local government) (excluding the case falling under the case listed in Article 33, paragraph (1), item (ii) or item (iv), Article 33-2, paragraph (1), item (i), or paragraph (2), item (i) of the preceding Article, or the case listed in item (i), item (ii), item (iv), or item (vi) through the preceding item);

十二where land, etc. is purchased by a local government, or by a corporation funded by the State or a local government that is specified by Cabinet Order, for use in a project for the development of a single block of land carried out mainly for the purpose of using it for factories, housing, or distribution business facilities, based on a plan for comprehensive regional development prepared by the State or a prefecture that is specified by Cabinet Order, which the prefectural governor has designated as a project that meets the following requirements:

イthe area of the district pertaining to the plan is the area specified by Cabinet Order or more, and the area of the project implementation area is the area specified by Cabinet Order or more;

ロthe area of roads, parks, green spaces, and other open spaces for public use within the project implementation area is appropriately secured according to the categories of use of the land to be developed within the project implementation area.

十三where land, etc. is purchased by a corporation funded by a local government or any other corporation specified by Cabinet Order, for use in any of the following projects (limited to a project for which it has been certified, pursuant to the provisions of Order of the Ministry of Finance, that the project satisfies the requirements specified by Cabinet Order, such as being carried out in conformity with city planning or any other plan of the State or a local government concerning land use):

イa shopping district revitalization project prescribed in Article 2, paragraph (2) of the Act on Promotion of Business Activities Meeting the Needs of Local Residents for the Revitalization of Shopping Districts (Act No. 80 of 2009) based on a certified shopping district revitalization project plan prescribed in Article 5, paragraph (3) of that Act, or a shopping district revitalization support project prescribed in Article 2, paragraph (3) of that Act based on a certified shopping district revitalization support project plan prescribed in Article 7, paragraph (3) of that Act;

ロa project for the advancement of small and medium retail business prescribed in Article 7, paragraph (7) of the Act on Vitalization in City Center (limited to those listed in items (i) through (iv) or item (vii) of that paragraph) based on a certified specified private central urban district vitalization project plan prescribed in Article 49, paragraph (2) of that Act.

十四where land, etc. is purchased for use in a residential land, etc. supply project prescribed in Article 11-48, paragraph (1) of the Agricultural Co-operatives Act (Act No. 132 of 1947) that is listed in Article 10, paragraph (5), item (iii) of that Act, or in a project for the development of land to be used for a project that contributes to the joint operation of business with other business operators or to the vitalization of the agglomeration of small and medium-sized enterprises prescribed in Article 15, paragraph (1), item (iii), (b) of the Act on the Organization for Small & Medium Enterprises and Regional Innovation, Japan, Independent Administrative Agency (Act No. 147 of 2002), which the prefectural governor has designated as a project that satisfies the requirements specified by Cabinet Order, such as being carried out in accordance with a plan conforming to city planning or any other plan of the State or a local government concerning land use;

十四の二where land, etc. is purchased for use in a project for the development of land to be used for a project carried out jointly, or by gathering in a single estate or mainly in a single building, prescribed in Article 2, paragraph (2), item (v), (a) or paragraph (3), item (v), (a) of the Act on Comprehensive Special Zones (Act No. 81 of 2011), which the mayor of a municipality or the head of a special ward has designated as a project that satisfies the requirements specified by Cabinet Order, such as being carried out in accordance with a plan conforming to city planning or any other plan of the State or a local government concerning land use;

十五where, for use in a project for the development of specified facilities prescribed in Article 2, paragraph (2) of the Act on Promotion of Development of Specified Facilities for the Disposal of Industrial Waste (Act No. 62 of 1992) (excluding those that include construction waste disposal facilities prescribed in item (i) of that paragraph) carried out by a corporation funded by a local government or any other corporation specified by Cabinet Order (hereinafter referred to in this item as a "specified corporation") (limited to a project for which it has been certified, pursuant to the provisions of Order of the Ministry of Finance, that the project satisfies the requirements specified by Cabinet Order, such as being carried out based on a development plan certified under the provisions of Article 4, paragraph (1) of that Act), land, etc. is purchased by a local government or the specified corporation (excluding the case falling under the case listed in Article 33, paragraph (1), item (ii) or Article 33-2, paragraph (1), item (i), or the case listed in item (i));

十六where land, etc. is purchased by a Bay Area Marine and Environment Consolidation Center for use in a project for the development of waste receiving facilities listed in Article 2, paragraph (1), item (iv) of the Act on Bay Area Marine and Environment Consolidation Centers (Act No. 76 of 1981), which is carried out based on the basic plan referred to in Article 20, paragraph (3) of that Act for which authorization has been obtained under the provisions of that paragraph;

十七where land located within a productive green land district prescribed in Article 6, paragraph (1) of the Productive Green Land Act (Act No. 68 of 1974) is purchased by a local government, a Land Development Public Corporation, or any other corporation specified by Cabinet Order, pursuant to the provisions of Article 11, paragraph (1), Article 12, paragraph (2), or Article 15, paragraph (2) of that Act;

十八where land, etc. within the district designated as a regulated area pursuant to the provisions of Article 12, paragraph (1) of the National Land Use Planning Act (Act No. 92 of 1974) is purchased pursuant to the provisions of Article 19, paragraph (2) of that Act;

十九where land, etc. is purchased by the State or a local government (including an organization established by it that is specified by Cabinet Order) for use in a project, based on a plan for a project concerning the development, conservation, or improvement of a region prepared by the State, a local government, or any other corporation specified by Cabinet Order, which is specified by Cabinet Order from among the plans prescribed in the basic land use plan referred to in Article 9, paragraph (1) of the National Land Use Planning Act as matters concerning the coordination, etc. of land use prescribed in paragraph (3) of that Article;

二十where land, etc. is purchased pursuant to the provisions of Article 7-6, paragraph (3) of the Urban Renewal Act, Article 8, paragraph (3) of the Urban Housing Supply Promotion Act (including as applied mutatis mutandis pursuant to Article 27 of the Urban Housing Supply Promotion Act), Article 22, paragraph (3) of the Act on Comprehensive Development of Regional Core Cities with Relocation of Office-Work Function, or Article 8, paragraph (3) of the Act on Special Measures concerning Reconstruction of Urban Districts Damaged by Disaster;

二十一where a land readjustment project under the Land Readjustment Act (excluding one under the provisions of Article 3, paragraph (1) of that Act) has been implemented, and the individual acquires settlement money under the provisions of Article 94 of that Act as a result of no replotted land having been designated under the provisions of Article 90 of the Land Readjustment Act for land, etc. for which it has been certified, pursuant to the provisions of Order of the Ministry of Finance, that it is difficult to designate replotted land (including land that is to be the subject of a right existing on the land; hereinafter the same applies in this item) because a building or structure existing on the land, etc. (hereinafter referred to in this item as a "building, etc.") falls under a building prescribed in Article 3, paragraph (2) of the Building Standards Act or any other building, etc. specified by Cabinet Order (excluding the case falling under the case specified by Cabinet Order);

二十一の二where a land readjustment project for reconstruction of a disaster-damaged urban district has been implemented with regard to land, etc., and, as a result of reserved land having been designated under the provisions of Article 17, paragraph (1) of the Act on Special Measures concerning Reconstruction of Urban Districts Damaged by Disaster, the portion of the land, etc. corresponding to the amount of the consideration for the reserved land has been transferred through a replotting disposition pertaining to the land, etc.;

二十二where a condominium regeneration project prescribed in Article 2, paragraph (1), item (x) of the Act on Facilitation of the Regeneration, etc. of Condominiums has been implemented with regard to land, etc., and the individual acquires compensation under the provisions of Article 75 of that Act through a rights conversion under that Act pertaining to the land, etc. (limited to compensation paid based on the request referred to in Article 56, paragraph (1) of that Act made in the case specified by Cabinet Order as the case where the individual (limited to a person listed in item (i) of Article 75 of that Act) is found to have made that request due to unavoidable circumstances), or where the land, etc. has been purchased upon a demand referred to in Article 15, paragraph (1) or Article 64, paragraph (1) or paragraph (3) of that Act (limited to a demand made in the case specified by Cabinet Order as the case where the individual is found to have had unavoidable circumstances);

二十二の二where a condominium site sale project prescribed in Article 2, paragraph (1), item (xviii) of the Act on Facilitation of the Regeneration, etc. of Condominiums (limited to a project for which the certified removal, etc. plan prescribed in Article 107 of that Act pertaining to the condominium site sale project or any other plan specified by Order of the Ministry of Finance contains matters concerning a condominium to be newly constructed on the land after the removal of the condominium) or a condominium removal and site sale project prescribed in item (xix) of that paragraph (limited to a project for which the plan specified by Order of the Ministry of Finance pertaining to the condominium removal and site sale project contains matters concerning a condominium to be newly constructed on the land after the removal of the condominium) has been implemented with regard to land, etc. used as the site of a condominium (meaning a condominium prescribed in Article 2, paragraph (1), item (i) of the Act on Facilitation of the Regeneration, etc. of Condominiums; hereinafter the same applies in this item) that falls under the category of an existing building not conforming to seismic standards that would obstruct passage as prescribed in Article 5, paragraph (3), item (ii) of the Act on Promotion of Seismic Retrofitting of Buildings (Act No. 123 of 1995) (limited to a building listed in Article 7, item (ii) or item (iii) of that Act), and the individual acquires the distribution money referred to in Article 142, paragraph (1), item (iii) of the Act on Facilitation of the Regeneration, etc. of Condominiums under the provisions of Article 151 of that Act based on the distribution money acquisition plan prescribed in Article 141, paragraph (1) of that Act pertaining to the land, etc. for which authorization referred to in that paragraph has been obtained (or, where authorization for a change of the distribution money acquisition plan has been obtained under the provisions of that paragraph as applied mutatis mutandis pursuant to Article 145 of that Act, the plan after the change), or where the land, etc. has been purchased upon a demand referred to in Article 121, paragraph (1) of that Act;

二十三where land within the district designated as a management district pursuant to the provisions of Article 37, paragraph (1) of the Act on Conservation of Endangered Species of Wild Fauna and Flora (Act No. 75 of 1992) is purchased by the State or a local government, or where land that, out of land within the district designated by the Minister of the Environment as a special protection zone pursuant to the provisions of Article 29, paragraph (1) of the Act on the Protection and Management of Wildlife, and the Optimization of Hunting (Act No. 88 of 2002), is a habitat of birds or mammals (including birds equivalent thereto) designated as a natural monument pursuant to the provisions of Article 109, paragraph (1) of the Act on Protection of Cultural Properties and is specified by Cabinet Order as a habitat that should be preserved by the State or a local government, is purchased by the State or a local government (excluding the case falling under the case listed in Article 33, paragraph (1), item (ii) or paragraph (2), item (iv) of the preceding Article);

二十四where land within an area that, within the district of a prefectural natural park prescribed in Article 72 of the Natural Parks Act, has been designated as a special zone as provided by the Prefectural Ordinance prescribed in Article 73, paragraph (1) of that Act, and that the Minister of the Environment has certified as an area where acts within it are subject to regulation equivalent to the regulation under the provisions of Chapter II, Section 4 of that Act concerning acts within a special zone prescribed in Article 20, paragraph (1) of that Act, or land within a district that, out of a prefectural nature conservation area prescribed in Article 45, paragraph (1) of the Nature Conservation Act, has been designated as a special district as provided by the Prefectural Ordinance prescribed in Article 46, paragraph (1) of that Act, and that the Minister of the Environment has certified as a district where acts within it are subject to regulation equivalent to the regulation under the provisions of Chapter IV, Section 2 of that Act concerning acts within a special district prescribed in Article 25, paragraph (1) of that Act, is purchased by a local government;

二十五where agricultural land prescribed in Article 4, paragraph (1), item (i) of the Act on Promotion of Improvement of Agricultural Management Foundation that is located within the district designated as an agricultural land area prescribed in Article 8, paragraph (2), item (i) of the Act on Establishment of Agricultural Promotion Regions is purchased, based on the consultation referred to in Article 22, paragraph (2) of the Act on Promotion of Improvement of Agricultural Management Foundation, by the farmland intermediary management organization referred to in that paragraph (limited to one specified by Cabinet Order).