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S 1686 100th Congress Senate Taxation Accounting Agricultural credit Agricultural economics Agricultural price supports Agriculture and Rural Affairs Government lending Income tax Payment-in-kind program Tax deferral

A bill to amend the Internal Revenue Code of 1986 to defer the tax consequences of the repayment of a Commodity Credit Corporation loan with a generic commodity certificate.

Introduced: September 15, 1987 Introduced by: Grassley, Chuck Republican · Iowa See on congress.gov
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This bill died when the 100th Congress ended
It never became law before the 100th Congress (1987–1988) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Sep 15, 1987
Read twice and referred to the Committee on Finance.
Sep 15, 1987
Introduced in Senate
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 Plain-English summary Congressional Research Service

Amends the Internal Revenue Code with respect to income taxation of generic commodity certificates (PIK certificates) used to repay Commodity Credit Corporation (CCC) loans. Taxes the certificates based on the earlier of: (1) the date on which the commodity used as collateral for the loan is sold; or (2) the date nine months after the loan was originally received. Disallows this treatment if the taxpayer chose to consider the CCC loan as income for the taxable year in which it was received.

Applies to loans made after 1985.

What's happening now September 15, 1987

Read twice and referred to the Committee on Finance.

 Related & companion bills 1
  • HR 3266 Identical bill A bill to amend the Internal Revenue Code of 1986 to defer the tax consequences of the repayment of a Commodity Credit …
 Committees of jurisdiction 1
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APA
U.S. Congress. (2026). S. 1686: A bill to amend the Internal Revenue Code of 1986 to defer the tax consequences of the repayment of a Commodity Credit Corporation loan with a generic commodity certificate.. 100th Congress. Open America. https://openamerica.io/bill/100-S-1686/
MLA
"S. 1686: A bill to amend the Internal Revenue Code of 1986 to defer the tax consequences of the repayment of a Commodity Credit Corporation loan with a generic commodity certificate.." 100th Congress, 2026, Open America, https://openamerica.io/bill/100-S-1686/.
Bluebook (legal)
S. 1686, 100th Cong. (2026), https://openamerica.io/bill/100-S-1686/.
Markdown link
[S. 1686: A bill to amend the Internal Revenue Code of 1986 to defer the tax consequences of the repayment of a Commodity Credit Corporation loan with a generic commodity certificate.](https://openamerica.io/bill/100-S-1686/)
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