S 642
106th Congress
Senate
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
Everywhere this bill has been
3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 17, 1999
Read twice and referred to the Committee on Finance.
Mar 17, 1999
Sponsor introductory remarks on measure. (CR S2845-2846)
Mar 17, 1999
Introduced in Senate
Plain-English summary
Farm and Ranch Risk Management Act - Amends the Internal Revenue Code to allow an individual engaged in an eligible farming (or ranching) business a deduction (in computing adjusted gross income) for any taxable year of up to 20 percent of taxable income attributable to the eligible farming business which was paid in cash by the taxpayer to a Farm and Ranch Risk Management Account (FARRM Account).
Includes distributions from a FARRM account in the taxpayer's gross income, and subjects to a special ten percent surtax any distributions not made within five years of contribution. Establishes a tax on excess contributions, but exempts the taxpayer from the tax on certain prohibited transactions.
What's happening now
Read twice and referred to the Committee on Finance.
Committees of jurisdiction
1