Tax Empowerment and Relief for Farmers and Fishermen (TERFF) Act

Summary

Tax Empowerment and Relief for Farmers and Fishermen (TERFF) Act - Amends the Internal Revenue Code (IRC) to allow to an eligible commercial farmer or commercial fisherman a deduction, of up to 20 percent of such commercial farmer's or fisherman's taxable income which is attributable to an eligible commercial farming or fishing business, for the amount paid in cash by such commercial farmer or fisherman into a Farm, Fishing, and Ranch Risk Management Account. Amends the IRC and title II (Old Age, Survivors and Disability Insurance) of the Social Security Act to exclude net earnings from a lease agreement (currently, an arrangement) from income with respect to farmland. Treats conservation reserve program payments as real estate rentals for self-employment earnings purposes. Exempt certain small issue agriculture bonds from the State volume cap. Sets forth a rule for determining the amount of the deduction allowable for a charitable contribution of food inventory. Extends income averaging to income from the trade or business of catching, taking, or harvesting fish intended to enter commerce through sale, barter, or trade. Disregards income averaging for farmers and commercial fishermen in computing the regular alternative minimum tax. Declares, with respect to the treatment of S corporations and to the tax exemption for farmers' cooperatives, that cooperative marketing includes the value-added processing of the products of cooperative members and other producers through animals that is by: (1) feeding such products to cattle, hogs, fish, chickens, or other animals; and then (2) selling the resulting animals or animal products. Authorizes a U.S. district court to issue a declaratory judgment relating to the initial or continuing qualification of a farmers' cooperative as tax-exempt. Provides, with respect to the small ethanol producer credit, for: (1) authorizing credit allocation among a cooperative's patrons; (2) increasing the gallon capacity for eligible producers; (3) making the credit a non-passive income credit; and (4) removing the credit from the alcohol fuel credit gross income inclusion.

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

Timeline

1. 13 February 2001

   Introduced

   Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S1331-1334)

   Source: IntroReferral

2. 13 February 2001

   Introduced

   Sponsor introductory remarks on measure. (CR S1331)

   Source: IntroReferral

3. 13 February 2001

   Introduced

   Introduced in Senate

   Source: IntroReferral

4. 14 March 2001

   Committee

   Committee on Finance. Hearings held.

   Source: Committee

5. 12 June 2001

   Committee

   Committee on Finance. Hearings held.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 13 February 2001 · Download file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 13 February 2001

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 13 February 2001

  ViewDownloadOpen at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

• Introduced in Senate

  summary · EN · 13 February 2001

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Sen. Grassley, Chuck [R-IA] · R · Sponsor
• Sen. Baucus, Max [D-MT] · D · Sponsor
• Sen. Roberts, Pat [R-KS] · R · Sponsor
• Sen. Conrad, Kent [D-ND] · D · Sponsor
• Sen. Brownback, Sam [R-KS] · R · Sponsor
• Sen. Lincoln, Blanche L. [D-AR] · D · Sponsor
• Sen. Burns, Conrad R. [R-MT] · R · Sponsor
• Sen. Craig, Larry E. [R-ID] · R · Sponsor
• Sen. Lugar, Richard G. [R-IN] · R · Sponsor
• Sen. Enzi, Michael B. [R-WY] · R · Sponsor
• Sen. Nelson, Ben [D-NE] · D · Sponsor
• Sen. Stevens, Ted [R-AK] · R · Sponsor
• Sen. Murkowski, Frank H. [R-AK] · R · Cosponsor
• Sen. Crapo, Mike [R-ID] · R · Cosponsor
• Sen. Hutchinson, Tim [R-AR] · R · Cosponsor
• Sen. Fitzgerald, Peter [R-IL] · R · Cosponsor
• Sen. Johnson, Tim [D-SD] · D · Cosponsor
• Sen. Hagel, Chuck [R-NE] · R · Cosponsor
• Sen. Allard, Wayne [R-CO] · R · Cosponsor
• Sen. Cochran, Thad [R-MS] · R · Cosponsor
• Sen. Helms, Jesse [R-NC] · R · Cosponsor
• Sen. Miller, Zell [D-GA] · D · Cosponsor
• Sen. Dorgan, Byron L. [D-ND] · D · Cosponsor
• Sen. Bond, Christopher S. [R-MO] · R · Cosponsor
• · ssfi00 · Standing

Related records

No cross-record relationships stored yet.