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S 2221 99th Congress Senate Taxation Agricultural credit Agriculture and Rural Affairs Debtor and creditor Income tax Tax exclusion

A bill to amend section 108 of the Internal Revenue Code of 1954 to provide that the discharge of certain farm indebtedness shall not be included in gross income.

Introduced: March 21, 1986 See on congress.gov
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This bill died when the 99th Congress ended
It never became law before the 99th Congress (1985–1986) 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 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 27, 1986
Committee on Finance requested executive comment from OMB, Treasury Department, Agriculture Department.
Mar 21, 1986
Read twice and referred to the Committee on Finance.
Mar 21, 1986
Introduced in Senate
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 Plain-English summary Congressional Research Service

Amends the Internal Revenue Code to provide that the discharge of certain farm indebtedness shall not be included in gross income. Requires that such indebtedness be incurred to finance the production of agricultural products or livestock or be secured by farmland or farm machinery.

What's happening now March 27, 1986

Committee on Finance requested executive comment from OMB, Treasury Department, Agriculture Department.

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Republican 1
R
McConnell, Mitch
Kentucky · Mar 21, 1986
Cite this page click to expand
APA
U.S. Congress. (2026). S. 2221: A bill to amend section 108 of the Internal Revenue Code of 1954 to provide that the discharge of certain farm indebtedness shall not be included in gross income.. 99th Congress. Open America. https://openamerica.io/bill/99-S-2221/
MLA
"S. 2221: A bill to amend section 108 of the Internal Revenue Code of 1954 to provide that the discharge of certain farm indebtedness shall not be included in gross income.." 99th Congress, 2026, Open America, https://openamerica.io/bill/99-S-2221/.
Bluebook (legal)
S. 2221, 99th Cong. (2026), https://openamerica.io/bill/99-S-2221/.
Markdown link
[S. 2221: A bill to amend section 108 of the Internal Revenue Code of 1954 to provide that the discharge of certain farm indebtedness shall not be included in gross income.](https://openamerica.io/bill/99-S-2221/)
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