A bill to limit to the national median family income the amount of farm loss which may be deducted against nonfarm income by high income taxpayers in competition with full-time, family-sized farm operators.

Summary

Amends the Internal Revenue Code to limit the deductions of a taxpayer attributable to farming to the sum of: (1) the gross income of such taxpayer from the trade or business of farming for such taxable year, plus; (2) an amount equal to the national median family income for the previous year. Requires the non-farm taxable income of such taxpayer to have exceeded the taxpayer's farm income in five of the preceding seven years. Provides that where the the taxpayer engages in more than one trade or business of farming, all such trade or businesses shall be treated as a single trade or business.

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

Timeline

1. 22 January 1985

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 22 January 1985

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 25 January 1985

   Committee

   Committee on Finance requested executive comment from OMB, Treasury Department, Agriculture Department.

   Source: Committee

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in Senate

  summary · EN · 22 January 1985

  Open at official source

Sponsors

• Sen. Abdnor, James [R-SD] · R · Sponsor
• Sen. Boschwitz, Rudy [R-MN] · R · Sponsor
• Sen. Metzenbaum, Howard M. [D-OH] · D · Sponsor
• Sen. Andrews, Mark [R-ND] · R · Cosponsor
• Sen. Pressler, Larry [R-SD] · R · Cosponsor
• Sen. Zorinsky, Edward [D-NE] · D · Cosponsor
• Sen. Simon, Paul [D-IL] · D · Cosponsor
• · ssfi00 · Standing

Related records

• related to → A bill to limit to the national median family income the amount of farm loss which may be deducted against nonfarm income by high income taxpayers in competition with full-time, family-size farm operators.