Farm Relief and Economic Development Act of 2000

Summary

Farm Relief and Economic Development Act of 2000 - Amends the Internal Revenue Code, with respect to farmers, to among other things: (1) allow a deduction from gross income for amounts paid into an interest-bearing Farm and Ranch Risk Management (FARRM) Account, created for the farmer's exclusive benefit; (2) exclude net earnings from a lease agreement (currently, an arrangement) from income with respect to farmland; (3) treat conservation reserve program payments as real estate rentals for self-employment earnings purposes; (4) provide a limited exclusion from gross income of gain from the sale of qualified farm property, to the extent such property does not exceed 160 acres; (5) exempt certain small issue bonds from the State volume cap; (6) exclude from gross income gain from the transfer of farm property to satisfy up to $350,000 of qualified farm indebtedness; (6) increase the number of years for which a loss may be carried back; and (7) coordinate income averaging with the alternative minimum tax.

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

Timeline

1. 13 April 2000

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 13 April 2000

   Introduced

   Sponsor introductory remarks on measure. (CR S2736-2737)

   Source: IntroReferral

3. 13 April 2000

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 13 April 2000 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 13 April 2000

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 13 April 2000

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 13 April 2000

  Open at official source

Sponsors

• Sen. Conrad, Kent [D-ND] · D · Sponsor
• · ssfi00 · Standing

Related records

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