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S 642 106th Congress Senate

Farm and Ranch Risk Management Act

Official title: A bill to amend the Internal Revenue Code of 1986 to provide for Farm and Ranch Risk Management Accounts, and for other purposes.

Introduced: May 13, 1999 Introduced by: Grassley, Chuck Republican · Iowa See on congress.gov
Taxation Agricultural productionAgriculture and FoodBusiness income taxCommerce
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Excise taxFarm incomeFarmersFinance and Financial SectorFinancial statementsGovernment Operations and PoliticsGovernment paperworkIncome taxLawTax deductionsTax deferralTax exclusionTax penaltiesTax returnsTrusts and trustees
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This bill died when the 106th Congress ended
It never became law before the 106th Congress (1999–2000) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 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
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 Latest action March 17, 1999

Read twice and referred to the Committee on Finance.

 Plain-English summary Congressional Research Service
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.

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 3
All 3 Democratic 1 Republican 2
R
Collins, Susan M.
Maine · May 13, 1999
 R
McConnell, Mitch
Kentucky · Mar 17, 1999
 D
Murray, Patty
Washington · Mar 17, 1999
Cite this page click to expand
APA
U.S. Congress. (2026). S. 642: Farm and Ranch Risk Management Act. 106th Congress. Open America. https://openamerica.io/bill/106-S-642/
MLA
"S. 642: Farm and Ranch Risk Management Act." 106th Congress, 2026, Open America, https://openamerica.io/bill/106-S-642/.
Bluebook (legal)
S. 642, 106th Cong. (2026), https://openamerica.io/bill/106-S-642/.
Markdown link
[S. 642: Farm and Ranch Risk Management Act](https://openamerica.io/bill/106-S-642/)
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