Family Investment and Rural Savings Tax Act

Summary

TABLE OF CONTENTS: Title I: Reduction in Individual Capital Gains Tax Rates Title II: Tax Incentives for Farmers Family Investment and Rural Savings Tax Act - Title I: Reduction in Individual Capital Gains Tax Rates - Amends the Internal Revenue Code to reduce individual capital gains tax rates. Title II: Tax Incentives for Farmers - Amends the Internal Revenue Code to permit an eligible farmer or rancher to establish a Farm and Ranch Risk Management Account (FARRM Account). States that: (1) up to 20 percent of farm-derived income may be deposited as an annual income deduction; and (2) deferred amounts shall be taxed upon withdrawal without penalty if distributed within five years. Amends the Taxpayer Relief of 1997 to permanently extend income averaging for farmers.

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3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 30 July 1998

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 30 July 1998

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• Introduced in Senate

  summary · EN · 30 July 1998

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