Farm and Ranch Risk Management Act

Summary

Farm and Ranch Risk Management Act - Amends the Internal Revenue Code to allow an individual engaged in an eligible farming (or ranching) business a deduction (in computing adjusted gross income) for any taxable year of up to 20 percent of taxable income attributable to the eligible farming business which was paid in cash by the taxpayer to a Farm and Ranch Risk Management Account (FARRM Account). Includes distributions from a FARRM account in the taxpayer's gross income, and subjects to a special ten percent surtax any distributions not made within five years of contribution. Establishes a tax on excess contributions, but exempts the taxpayer from the tax on certain prohibited transactions.

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Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 17 March 1999

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 17 March 1999

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• Introduced in Senate

  summary · EN · 17 March 1999

  Open at official source

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