HR 2134
99th Congress
House
Taxation
Agriculture and Rural Affairs
Corporations and Stocks
Farm income
Farms
Income tax
Tax deductions
A bill to amend the Internal Revenue Code of 1954 to limit the amount of farming losses which may offset other income.
Introduced: April 18, 1985
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Apr 18, 1985
Referred to House Committee on Ways and Means.
Apr 18, 1985
Introduced in House
Plain-English summary
Amends the Internal Revenue Code to limit the deductions of a taxpayer attributable to farming to the sum of: (1) the gross income of such taxpayer from the trade or business of farming for such taxable year; plus (2) $25,000. Requires the non-farm taxable income of such taxpayer to have exceeded the taxpayer's farm income in five of the preceding seven years. Provides that where the taxpayer engages in more than one trade or business of farming, all such trade or businesses shall be treated as a single trade or business.
What's happening now
Referred to House Committee on Ways and Means.
Committees of jurisdiction
1
Cosponsors
1