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. 13 May 1998

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 13 May 1998

   Introduced

   Sponsor introductory remarks on measure. (CR S4833-4834)

   Source: IntroReferral

3. 13 May 1998

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 13 May 1998 · Download file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 13 May 1998

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 13 May 1998

  ViewDownloadOpen at official source

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• Introduced in Senate

  summary · EN · 13 May 1998

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Sen. Grassley, Chuck [R-IA] · R · Sponsor
• Sen. Baucus, Max [D-MT] · D · Sponsor
• Sen. Roberts, Pat [R-KS] · R · Sponsor
• Sen. Kerrey, J. Robert [D-NE] · D · Sponsor
• Sen. Moseley-Braun, Carol [D-IL] · D · Sponsor
• Sen. Hagel, Chuck [R-NE] · R · Sponsor
• Sen. Allard, Wayne [R-CO] · R · Sponsor
• Sen. Burns, Conrad R. [R-MT] · R · Cosponsor
• Sen. Feinstein, Dianne [D-CA] · D · Cosponsor
• Sen. Bond, Christopher S. [R-MO] · R · Cosponsor
• Sen. Kempthorne, Dirk [R-ID] · R · Cosponsor
• Sen. Grams, Rod [R-MN] · R · Cosponsor
• Sen. Johnson, Tim [D-SD] · D · Cosponsor
• Sen. Cochran, Thad [R-MS] · R · Cosponsor
• Sen. Hutchinson, Tim [R-AR] · R · Cosponsor
• Sen. Sessions, Jeff [R-AL] · R · Cosponsor
• Sen. Murray, Patty [D-WA] · D · Cosponsor
• Sen. Campbell, Ben Nighthorse [R-CO] · R · Cosponsor
• Sen. Coverdell, Paul [R-GA] · R · Cosponsor
• Sen. Lugar, Richard G. [R-IN] · R · Cosponsor
• Sen. Craig, Larry E. [R-ID] · R · Cosponsor
• Sen. Faircloth, Lauch [R-NC] · R · Cosponsor
• Sen. McConnell, Mitch [R-KY] · R · Cosponsor
• Sen. Gramm, Phil [R-TX] · R · Cosponsor
• Sen. Gorton, Slade [R-WA] · R · Cosponsor
• Sen. Hutchison, Kay Bailey [R-TX] · R · Cosponsor
• Sen. Breaux, John B. [D-LA] · D · Cosponsor
• · ssfi00 · Standing

Related records

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