Family Farm Tax Relief and Savings Act of 1991

Summary

Family Farm Tax Relief and Savings Act of 1991 - Amends the Internal Revenue Code with respect to nontaxable exchanges to allow the rollover of gain from the sale of a qualified farm asset into one or more individual retirement plans, to be known as asset rollover accounts. Denies an itemized deduction for contributions to such accounts and sets forth contribution limitations. Provides that rollover contributions to an asset rollover account may be made only from other such accounts. Sets forth reporting requirements for individuals making contributions to such accounts and taxes excess contributions.

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

Timeline

1. 22 May 1991

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 22 May 1991

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 29 April 1992

   Committee

   Subcommittee on Energy and Agricultural Taxation. Hearings held. Hearings printed: S.Hrg. 102-831.

   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 · 22 May 1991

  Open at official source

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Sponsors

• Sen. Kasten, Robert W., Jr. [R-WI] · R · Sponsor
• Sen. Shelby, Richard C. [R-AL] · D · Sponsor
• Sen. Burns, Conrad R. [R-MT] · R · Sponsor
• Sen. Cochran, Thad [R-MS] · R · Cosponsor
• Sen. Kohl, Herb [D-WI] · D · Cosponsor
• Sen. Coats, Daniel [R-IN] · R · Cosponsor
• Sen. Garn, E. J. (Jake) [R-UT] · R · Cosponsor
• Sen. Thurmond, Strom [R-SC] · R · Cosponsor
• Sen. Lott, Trent [R-MS] · R · Cosponsor
• · ssfi00 · Standing

Related records

• related to → Family Farm Tax Relief and Savings Act of 1991