A bill to amend the Internal Revenue Code of 1954 to allow any taxpayer to elect to treat for income tax purposes any crop received under a Federal program for removing land from agricultural production as produced by the taxpayer, to allow any taxpayer to elect to defer income on any cancellation under such a program of any price support loan, and to provide that participation in such a program shall not disqualify the taxpayer for the special use valuation of farm real property under section 2032A of such Code.

Summary

Amends the Internal Revenue Code to permit farmers who participate in a Federal payment-in-kind program to elect to treat commodities they receive as income in the year of receipt or the year of sale. Permits farmers to elect a deferral of the income resulting from the cancellation of Commodity Credit Corporation loans. Provides that farmers participating in a payment-in-kind program do not forfeit eligibility for the special use valuation provisions for farm property.

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Timeline

1. 23 February 1983

   Introduced

   Referred to House Committee on Ways and Means.

   Source: IntroReferral

2. 23 February 1983

   Introduced

   Introduced in House

   Source: IntroReferral

3. 23 February 1983

   Introduced

   Introduced in House

   Source: IntroReferral

4. 28 February 1983

   Referred

   Referred to Subcommittee on Select Revenue Measures.

   Source: Committee

5. 10 March 1983

   Committee

   See H.R.1296.

   Source: Committee

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in House

  summary · EN · 23 February 1983

  Open at official source

Sponsors

• Rep. Alexander, Bill [D-AR-1] · D · Sponsor
• · hswm00 · Standing

Related records

• related to → Payment-in-Kind Tax Treatment Act of 1983