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S 2371 105th Congress Senate Taxation Agricultural production Agriculture and Food Business income tax Capital gains tax Commerce Excise tax Farm income Farmers Finance and Financial Sector Financial statements Government Operations and Politics Government paperwork Income tax Law Minimum tax Personal income tax Tax administration Tax cuts Tax deductions

Family Investment and Rural Savings Tax Act

Introduced: July 30, 1998 See on congress.gov
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 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 30, 1998
Read twice and referred to the Committee on Finance.
Jul 30, 1998
Sponsor introductory remarks on measure. (CR S9426-9427)
Jul 30, 1998
Introduced in Senate
 Plain-English summary Congressional Research Service

TABLE OF CONTENTS:

Title I: Reduction in Individual Capital Gains Tax Rates

Title II: Tax Incentives for Farmers

Family Investment and Rural Savings Tax Act - Title I: Reduction in Individual Capital Gains Tax Rates - Amends the Internal Revenue Code to reduce individual capital gains tax rates.

Title II: Tax Incentives for Farmers - Amends the Internal Revenue Code to permit an eligible farmer or rancher to establish a Farm and Ranch Risk Management Account (FARRM Account). States that: (1) up to 20 percent of farm-derived income may be deposited as an annual income deduction; and (2) deferred amounts shall be taxed upon withdrawal without penalty if distributed within five years.

Amends the Taxpayer Relief of 1997 to permanently extend income averaging for farmers.

What's happening now July 30, 1998

Read twice and referred to the Committee on Finance.

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Republican 1