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HR 5932 109th Congress House Taxation Agricultural subsidies Agriculture and Food Crop insurance Farm income Farmers Finance and Financial Sector Income tax Insurance premiums Law Tax deductions Tax penalties Trusts and trustees

Farm Risk Management Act of 2006

Introduced: July 27, 2006 See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 27, 2006
Referred to the Committee on Ways and Means, and in addition to the Committee on Agriculture, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Jul 27, 2006
Introduced in House
 Plain-English summary Congressional Research Service

Farm Risk Management Act of 2006 - Amends the Internal Revenue Code to: (1) establish tax-exempt farm risk management accounts to allow taxpayers engaged in the business of farming or ranching to use distributions from such accounts to offset operational losses in lieu of receiving, after a specified transitional period, federal subsidies to purchase crop insurance; (2) allow a tax deduction for cash contributions to such accounts; (3) specify minimum levels of contributions to, and maximum levels of distributions from, such accounts; (4) require the Secretary of Agriculture to make matching contributions to such accounts; and (5) set forth tax rules relating to account distributions, excess contributions, and prohibited transactions.

What's happening now July 27, 2006

Referred to the Committee on Ways and Means, and in addition to the Committee on Agriculture, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

 Committees of jurisdiction 2
 Cosponsors 1
All 1 Republican 1