HR 927
108th Congress
House
Taxation
Agricultural production
Agriculture and Food
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
Tax penalties
Farm and Ranch Risk Management Act
Introduced: February 26, 2003
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Feb 26, 2003
Referred to the House Committee on Ways and Means.
Feb 26, 2003
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 or commercial fishing business a deduction for any taxable year of up to 20 percent of taxable income attributable to the eligible farming or commercial fishing 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
Referred to the House Committee on Ways and Means.
Committees of jurisdiction
1