Farm Debt Tax Reform Act of 1989

Summary

Farm Debt Tax Reform Act of 1989 - Amends the Internal Revenue Code to exclude from gross income up to $350,000 (lifetime total) of capital gain from the transfer of property in complete or partial satisfaction of qualified farm indebtedness of a taxpayer: (1) whose modified gross income is below the national median adjusted gross income median; (2) whose gross receipts for six of the preceding ten years are at least 50 percent attributable to farming; and (3) whose equity in all property held after the transfer in question is less than the greater of $25,000 or 150 percent of income tax liability. Applies a comparable exclusion with respect to the discharge of qualified farm indebtedness of solvent farmers who meet these requirements and whose indebtedness both before and after the relevant transfer equals at least 70 percent or more of equity. Permits both tax exclusions retroactively with respect to taxable years 1987 and thereafter.

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

Timeline

1. 18 May 1989

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 18 May 1989

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 28 July 1989

   Committee

   Subcommittee on Energy and Agricultural Taxation. Hearings held. Hearings printed: S.Hrg. 101-609.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · — · Download file

Documents

2 official files

• Introduced in Senate (text)

  Introduced in Senate · EN

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 18 May 1989

  Open at official source

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Sponsors

• Sen. Conrad, Kent [D-ND] · D · Sponsor
• Sen. Daschle, Thomas A. [D-SD] · D · Sponsor
• Sen. Boren, David L. [D-OK] · D · Sponsor
• Sen. Harkin, Tom [D-IA] · D · Sponsor
• Sen. Kerrey, J. Robert [D-NE] · D · Sponsor
• Sen. Dixon, Alan J. [D-IL] · D · Sponsor
• Sen. Burdick, Quentin N. [D-ND] · D · Sponsor
• Sen. Heflin, Howell [D-AL] · D · Cosponsor
• Sen. Cochran, Thad [R-MS] · R · Cosponsor
• Sen. McClure, James A. [R-ID] · R · Cosponsor
• Sen. Kasten, Robert W., Jr. [R-WI] · R · Cosponsor
• Sen. Symms, Steven D. [R-ID] · R · Cosponsor
• Sen. Lott, Trent [R-MS] · R · Cosponsor
• Sen. Levin, Carl [D-MI] · D · Cosponsor
• · ssfi00 · Standing

Related records

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