A bill to amend the Internal Revenue Code of 1954 to limit the amount of farming losses which may offset other income.

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.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 18 April 1985

   Introduced

   Referred to House Committee on Ways and Means.

   Source: IntroReferral

2. 18 April 1985

   Introduced

   Introduced in House

   Source: IntroReferral

3. 18 April 1985

   Introduced

   Introduced in House

   Source: IntroReferral

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 · 18 April 1985

  Open at official source

Sponsors

• Rep. Slattery, Jim [D-KS-2] · D · Sponsor
• Rep. Glickman, Dan [D-KS-4] · D · Sponsor
• Rep. Gephardt, Richard A. [D-MO-3] · D · Sponsor
• Rep. Penny, Timothy J. [D-MN-1] · D · Sponsor
• Rep. Moody, Jim [D-WI-5] · D · Sponsor
• Rep. Coelho, Anthony Lee [D-CA-15] · D · Sponsor
• Rep. Berman, Howard L. [D-CA-28] · D · Cosponsor
• Rep. Kaptur, Marcy [D-OH-9] · D · Cosponsor
• Rep. Morrison, Bruce A. [D-CT-3] · D · Cosponsor
• Rep. Wolpe, Howard E. [D-MI-3] · D · Cosponsor
• Rep. Oberstar, James L. [D-MN-8] · D · Cosponsor
• Rep. Bruce, Terry L. [D-IL-19] · D · Cosponsor
• Rep. Mineta, Norman Y. [D-CA-15] · D · Cosponsor
• · hswm00 · Standing

Related records

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