S 1743
100th Congress
Senate
Taxation
Agricultural economics
Agriculture and Rural Affairs
Farmers
Farms
Income
Income tax
Tax administration
A bill to amend the Internal Revenue Code of 1986 to restore income averaging for farmers.
Introduced: October 1, 1987
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Oct 1, 1987
Read twice and referred to the Committee on Finance.
Oct 1, 1987
Introduced in Senate
Plain-English summary
Repeals specified provisions of the Tax Reform Act of 1986 that eliminated income averaging. Provides that the Internal Revenue Code (IRC) be applied and administered as if such provisions had not been enacted.
Amends the IRC to restore income averaging for a person: (1) actively engaged in the trade or business of farming, including aquaculture; and (2) whose average annual gross income for the three preceding taxable years is at least 50 percent attributable to farming.
What's happening now
Read twice and referred to the Committee on Finance.
Committees of jurisdiction
1
Cosponsors
1