HR 957
106th Congress
House
Taxation
Agricultural production
Agriculture and Food
Business income tax
Commerce
Excise tax
Farm income
Farmers
Finance and Financial Sector
Financial statements
Government Operations and Politics
Government paperwork
Income tax
Law
Tax deductions
Tax deferral
Tax exclusion
Tax penalties
Tax returns
Trusts and trustees
Farm and Ranch Risk Management Act
Introduced: March 3, 1999
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 3, 1999
Referred to the House Committee on Ways and Means.
Mar 3, 1999
Introduced in House
Plain-English summary
Farm and Ranch Risk Management Act - Amends the Internal Revenue Code to allow an individual engaged in an eligible farming business to deduct a limited amount from gross income for amounts 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. Prescribes penalties on amounts not distributed within five years.
What's happening now
Referred to the House Committee on Ways and Means.
Committees of jurisdiction
1