S 313
107th Congress
Senate
Taxation
Agricultural production
Agriculture and Food
Business income tax
Commerce
Excise tax
Farm income
Farmers
Finance and Financial Sector
Financial statements
Fisheries
Fishing boats
Government Operations and Politics
Government paperwork
Income tax
Law
Marine and coastal resources, fisheries
Tax deductions
Tax deferral
Tax exclusion
Farm, Fishing, 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
Feb 13, 2001
Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S1334-1335)
Feb 13, 2001
Sponsor introductory remarks on measure. (CR S1331)
Feb 13, 2001
Introduced in Senate
Plain-English summary
Farm, Fishing, and Ranch Risk Management Act - Amends the Internal Revenue Code to allow an individual involved in an eligible farming or commercial fishing business to make a deductible contribution up to 20 percent of his or her farming or fishing taxable income to a Farm, Fishing, and Ranch Risk Management Account (FFARRM Account).
States that: (1) Account distributions may not be used to add capacity or contribute to the overcapitalization of any fishery; (2) Account contributions shall not reduce self-employment net earnings; (3) Account distributions (other than income attributed to the Account) shall be includible in gross income, including deposits not distributed within five years.
What's happening now
Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S1334-1335)
Committees of jurisdiction
1