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S 2774 114th Congress Senate Taxation Agricultural education Income tax exclusion Livestock

Agriculture Students EARN Act

Introduced: April 11, 2016 Introduced by: Moran, Jerry Republican · Kansas 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
Apr 11, 2016
Read twice and referred to the Committee on Finance.
Apr 11, 2016
Introduced in Senate
 Plain-English summary Congressional Research Service

Agriculture Students EARN Act or the Agriculture Students Encourage, Acknowledge, Reward, Nurture Act

This bill amends the Internal Revenue Code to exclude from the gross income of a student farmer up to $5,000 of the gain from the sale or exchange of personal property (including livestock, crops, and agricultural mechanics or shop products) produced or raised by the student farmer.

A student farmer is an individual who is under 19 years of age and is enrolled in: (1) a program established by the National FFA Organization; (2) a 4-H Club or other program established by 4-H; or (3) a student agriculture program that is under the direction or guidance of an agricultural educator, advisor, or club leader.

To qualify for the exclusion, the production and sale or exchange of the property must be supervised by one of the specified agriculture programs. The sale or exchange must also occur during qualified public entertainment or convention and trade show activities.

What's happening now April 11, 2016

Read twice and referred to the Committee on Finance.

 Committees of jurisdiction 1
 Cosponsors 3
All 3 Republican 2 Independent 1