Emergency Agricultural Disaster Assistance Act of 2004

Summary

Emergency Agricultural Disaster Assistance Act of 2004 - Directs the Secretary of Agriculture to provide: (1) emergency financial assistance to agricultural producers who have incurred qualifying 2003 and/or 2004 crop losses due to weather or related conditions; and (2) payments to livestock producers who have incurred 2003 and/or 2004 losses in an emergency-designated county, with set-asides for the American Indian livestock program. Amends the Internal Revenue Code with respect to involuntary conversion rules to: (1) permit the replacement of livestock with other farm property in the case of drought, flood, or other weather-related conditions (such provision currently applies only to cases of soil or other environmental contamination); and (2) extend the replacement period for livestock sold on account of weather related conditions. Allows an individual engaged in an eligible farming or commercial fishing business a deduction for any taxable year of up to 20 percent of taxable income attributable to the eligible farming or commercial fishing business paid in cash by the taxpayer to a Farm and Ranch Risk Management Account (FFARRM Account). Includes non-exempt FFARRM distributions in the taxpayer's gross income, and subjects to a special ten percent surtax distributions not made within five years of contribution. Prohibits FFARRM distributions from being used to overcapitalize any fishery. Establishes a tax on excess contributions, but exempts the taxpayer from the tax on certain prohibited transactions.

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Timeline

1. 20 May 2004

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 20 May 2004

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 20 May 2004 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 20 May 2004

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 20 May 2004

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 20 May 2004

  Open at official source

Sponsors

• Rep. Baucus, Max [D-MT-1] · D · Sponsor
• · ssfi00 · Standing

Related records

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