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Farm and Ranch Risk Management Act

Introduced: April 1, 1998 See on congress.gov

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Apr 1, 1998

Referred to the House Committee on Ways and Means.

Apr 1, 1998

Introduced in House

Plain-English summary Congressional Research Service

Farm and Ranch Risk Management Act - Amends the Internal Revenue Code to allow individuals engaged in eligible farming businesses to deduct from gross income for any taxable year the amount (limited to 20 percent of the individual's taxable income for the year) paid into an interest-bearing Farm and Ranch Risk Management (FARRM) Account, created for the taxpayer's exclusive benefit. Requires withdrawal of contributions within five years, upon which they are taxable as ordinary income in the year of withdrawal. Deems a distribution, subject to income tax, of any deposits not actually distributed within five years, and prescribes an additional penalty tax of ten percent of any such deemed distribution.

What's happening now April 1, 1998

Referred to the House Committee on Ways and Means.

Committees of jurisdiction 1