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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3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 13 May 1998

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 13 May 1998

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• Introduced in Senate

  summary · EN · 13 May 1998

  Open at official source

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