Farm and Ranch Risk Management Act

Summary

Farm and Ranch Risk Management Act - Amends the Internal Revenue Code to allow individuals engaged in eligible farming businesses to deduct from gross income for any taxable year the amount (limited to 20 percent of the individual's taxable income for the year) paid into an interest-bearing Farm and Ranch Risk Management (FARRM) Account, created for the taxpayer's exclusive benefit. Requires withdrawal of contributions within five years, upon which they are taxable as ordinary income in the year of withdrawal. Deems a distribution, subject to income tax, of any deposits not actually distributed within five years, and prescribes an additional penalty tax of ten percent of any such deemed distribution.

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Timeline

1. 1 April 1998

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

2. 1 April 1998

   Introduced

   Introduced in House

   Source: IntroReferral

3. 1 April 1998

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 1 April 1998 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 1 April 1998

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 1 April 1998

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 1 April 1998

  Open at official source

Sponsors

• Rep. Hulshof, Kenny C. [R-MO-9] · R · Sponsor
• Rep. Thurman, Karen L. [D-FL-5] · D · Sponsor
• Rep. Smith, Robert [R-OR-2] · R · Sponsor
• Rep. Combest, Larry [R-TX-19] · R · Sponsor
• Rep. Bunning, Jim [R-KY-4] · R · Sponsor
• JOHN LEWIS · D · Sponsor
• Rep. Ewing, Thomas W. [R-IL-15] · R · Sponsor
• Rep. Dooley, Calvin M. [D-CA-20] · D · Sponsor
• Rep. Houghton, Amo [R-NY-34] · R · Sponsor
• Rep. Herger, Wally [R-CA-2] · R · Sponsor
• Rep. Christensen, Jon [R-NE-2] · R · Sponsor
• Rep. Pombo, Richard W. [R-CA-11] · R · Sponsor
• Rep. Clayton, Eva M. [D-NC-1] · D · Sponsor
• Rep. Hostettler, John N. [R-IN-8] · R · Sponsor
• Rep. Holden, Tim [D-PA-17] · D · Sponsor
• Rep. English, Phil [R-PA-3] · R · Sponsor
• Rep. Watkins, Wes [D-OK-3] · R · Sponsor
• Rep. Weller, Jerry [R-IL-11] · R · Sponsor
• Sanford Bishop · D · Sponsor
• Sen. Blunt, Roy [R-MO] · R · Sponsor
• Rep. Emerson, Jo Ann [R-MO-8] · R · Sponsor
• Rep. Baldacci, John Elias [D-ME-2] · D · Sponsor
• John Thune · R · Sponsor
• Sen. Chambliss, Saxby [R-GA] · R · Sponsor
• Rep. Boyd, Allen [D-FL-2] · D · Sponsor
• Rep. Foley, Mark [R-FL-16] · R · Sponsor
• James Clyburn · D · Sponsor
• Rep. McDade, Joseph M. [R-PA-10] · R · Sponsor
• Rep. Kanjorski, Paul E. [D-PA-11] · D · Sponsor
• Rep. Schaffer, Bob [R-CO-4] · R · Sponsor
• Rep. Edwards, Chet [D-TX-17] · D · Sponsor
• Jerry Moran · R · Sponsor
• Rep. Souder, Mark E. [R-IN-3] · R · Sponsor
• Rep. Martinez, Matthew G. [D-CA-30] · D · Sponsor
• Rep. Scarborough, Joe [R-FL-1] · R · Sponsor
• Rep. Hutchinson, Asa [R-AR-3] · R · Sponsor
• Rep. Callahan, Sonny [R-AL-1] · R · Cosponsor
• Rep. Goode, Virgil H., Jr. [R-VA-5] · D · Cosponsor
• Pete Sessions · R · Cosponsor
• Rep. Istook, Ernest J., Jr. [R-OK-5] · R · Cosponsor
• LAMAR SMITH · R · Cosponsor
• Rep. Wynn, Albert Russell [D-MD-4] · D · Cosponsor
• Rep. Gekas, George W. [R-PA-17] · R · Cosponsor
• Rep. Bereuter, Doug [R-NE-1] · R · Cosponsor
• Rep. Sandlin, Max [D-TX-1] · D · Cosponsor
• Rep. Barcia, James A. [D-MI-5] · D · Cosponsor
• Rep. Whitfield, Ed [R-KY-1] · R · Cosponsor
• Rep. Burton, Dan [R-IN-6] · R · Cosponsor

Showing 48 of 112 sponsors and actors.

Related records

• related to ← Farm and Ranch Risk Management Act