HR 6167 114th 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 2016

Introduced: September 26, 2016 Introduced by: Crawford, Eric A. "Rick" Republican · Arkansas See on congress.gov

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Sep 26, 2016

Referred to the House Committee on Ways and Means.

Sep 26, 2016

Introduced in House

Plain-English summary Congressional Research Service

Farm Risk Abatement and Mitigation Election Act of 2016 or the FRAME Act of 2016

This bill 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 September 26, 2016

Referred to the House Committee on Ways and Means.

Committees of jurisdiction 1