Farm Savings Account Act of 2007

Summary

Farm Savings Account Act of 2007 - Amends the Internal Revenue Code to: (1) establish tax-exempt farm savings accounts to allow taxpayers engaged in the business of farming or ranching to use distributions from such accounts to offset operational losses in lieu of receiving, after a specified transitional period, federal subsidies to purchase crop insurance; (2) allow a tax deduction for cash contributions to such accounts; (3) specify minimum levels of contributions to, and maximum levels of distributions from, such accounts; (4) require the Secretary of Agriculture to make matching contributions to such accounts; and (5) set forth tax rules relating to account distributions, excess contributions, and prohibited transactions.

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Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 16 October 2007

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 16 October 2007

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• Introduced in Senate

  summary · EN · 16 October 2007

  Open at official source

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