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HR 3885 112th Congress House Taxation Agricultural insurance Agricultural prices, subsidies, credit Bank accounts, deposits, capital Business investment and capital Income tax credits Income tax deductions

FRAME Act of 2012

Introduced: February 2, 2012 Introduced by: Crawford, Eric A. "Rick" Republican · Arkansas 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
Feb 2, 2012
Referred to the House Committee on Ways and Means.
Feb 2, 2012
Introduced in House
 Plain-English summary Congressional Research Service

Farm Risk Abatement and Mitigation Election Act of 2012 or the FRAME Act of 2012 - Amends the Internal Revenue Code to: (1) establish tax-exempt farm risk management accounts (FRAME Accounts) and allow taxpayers actively engaged in the business of farming or ranching to use distributions from such accounts to protect the solvency of the farm to which the FRAME Account relates and to procure revenue or crop insurance; (2) allow a deduction from gross income for cash contributions to such accounts; (3) specify minimum levels of contributions to, and maximum levels of distributions from, such accounts; (4) set forth tax rules relating to account distributions, excess contributions, and prohibited transactions; and (5) allow a variable business-related tax credit for contributions made to a FRAME Account in the first nine years after such Account is established.

What's happening now February 2, 2012

Referred to the House Committee on Ways and Means.

 Committees of jurisdiction 1