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HR 5932 109th Congress House

Farm Risk Management Act of 2006

Official title: To amend the Internal Revenue Code of 1986 to authorize agricultural producers to establish and contribute to tax-exempt farm risk management accounts in lieu … Show full official titleShow less

Official title: To amend the Internal Revenue Code of 1986 to authorize agricultural producers to establish and contribute to tax-exempt farm risk management accounts in lieu of obtaining federally subsidized crop insurance or noninsured crop assistance, to provide for contributions to such accounts by the Secretary of Agriculture, to specify the situations in which amounts may be paid to producers from such accounts, and to limit the total amount of such distributions to a producer during a taxable year, and for other purposes.

Introduced: July 27, 2006 See on congress.gov
Taxation Agricultural subsidiesAgriculture and FoodCrop insuranceFarm income
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FarmersFinance and Financial SectorIncome taxInsurance premiumsLawTax deductionsTax penaltiesTrusts and trustees
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This bill died when the 109th Congress ended
It never became law before the 109th Congress (2005–2006) 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 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
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 Latest action 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.

 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.

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 2
 Cosponsors 2
All 2 Republican 1
Bonner, Jo
· Jul 27, 2006
 R
Rogers, Mike D.
Alabama · Jul 27, 2006
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 5932: Farm Risk Management Act of 2006. 109th Congress. Open America. https://openamerica.io/bill/109-HR-5932/
MLA
"H.R. 5932: Farm Risk Management Act of 2006." 109th Congress, 2026, Open America, https://openamerica.io/bill/109-HR-5932/.
Bluebook (legal)
H.R. 5932, 109th Cong. (2026), https://openamerica.io/bill/109-HR-5932/.
Markdown link
[H.R. 5932: Farm Risk Management Act of 2006](https://openamerica.io/bill/109-HR-5932/)
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