HR 2470
102th Congress
House
Taxation
Capital gains tax
Farmers
Farms
Income tax
Individual retirement accounts
Tax exclusion
Tax-deferred compensation plans
Family Farm Tax Relief and Savings Act of 1991
Introduced: May 23, 1991
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 23, 1991
Introduced in House
May 23, 1991
Referred to the House Committee on Ways and Means.
Plain-English summary
Family Farm Tax Relief and Savings Act of 1991 - Amends the Internal Revenue Code with respect to nontaxable exchanges to allow the rollover of gain from the sale of a qualified farm asset into one or more individual retirement plans, to be known as asset rollover accounts. Denies an itemized deduction for contributions to such accounts and sets forth contribution limitations. Provides that rollover contributions to an asset rollover account may be made only from other such accounts. Sets forth reporting requirements for individuals making contributions to such accounts and taxes excess contributions.
What's happening now
Referred to the House Committee on Ways and Means.
Committees of jurisdiction
1
Cosponsors
1