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United States · Bill · HR

H.R. 5093 (100th)

A bill to amend the Internal Revenue Code of 1986 to allow farmers to income average.

referredUnited States· United States Congress· EN

Introduced

26 July 1988

Last action

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Status

Referred to House Committee on Ways and Means.

Sponsors

—

Subjects

Discovery layer

Source updated

7 February 2024

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Summary

Repeals specified provisions of the Tax Reform Act of 1986 that eliminated income averaging. Provides that the Internal Revenue Code (IRC) be applied and administered as if such provisions had not been enacted. Amends the IRC to restore income averaging for a person: (1) actively engaged in the trade or business of farming, including aquaculture; and (2) whose average annual gross income for the three preceding taxable years is at least 50 percent attributable to farming.

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Documents

1 official file

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