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United States · Bill · S

S. 642 (106th)

Farm and Ranch Risk Management Act

referredUnited States· United States Congress· EN

Introduced

17 March 1999

Last action

17 March 1999 · Introduced

Status

Read twice and referred to the Committee on Finance.

Sponsors

Sen. Grassley, Chuck [R-IA], Sen. Baucus, Max [D-MT], Sen. Roberts, Pat [R-KS], Sen. Hutchison, Kay Bailey [R-TX], Sen. Burns, Conrad R. [R-MT], Sen. Breaux, John B. [D-LA], Sen. Hatch, Orrin G. [R-UT], Sen. Kerrey, J. Robert [D-NE], Sen. McConnell, Mitch [R-KY], Sen. Feinstein, Dianne [D-CA], Sen. Craig, Larry E. [R-ID], Sen. Sessions, Jeff [R-AL], Sen. Allard, Wayne [R-CO], Sen. Lugar, Richard G. [R-IN], Sen. Gramm, Phil [R-TX], Sen. Campbell, Ben Nighthorse [R-CO], Sen. Hagel, Chuck [R-NE], Sen. Murray, Patty [D-WA], Sen. Grams, Rod [R-MN], Sen. Bunning, Jim [R-KY], Sen. Thomas, Craig [R-WY], Sen. Collins, Susan M. [R-ME], Sen. DeWine, Mike [R-OH], Sen. Gorton, Slade [R-WA], Sen. Coverdell, Paul [R-GA], Sen. Cochran, Thad [R-MS], Sen. Bond, Christopher S. [R-MO], Sen. Fitzgerald, Peter [R-IL], Sen. Santorum, Rick [R-PA], Sen. Miller, Zell [D-GA]

Subjects

Agriculture, Taxation

Source updated

20 August 2025

Agriculture · Taxation

Official sourceDownload fileView documentsShare

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.

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

Timeline

  1. 17 March 1999

    Introduced

    Read twice and referred to the Committee on Finance.

    Source: IntroReferral

  2. 17 March 1999

    Introduced

    Sponsor introductory remarks on measure. (CR S2845-2846)

    Source: IntroReferral

  3. 17 March 1999

    Introduced

    Introduced in Senate

    Source: IntroReferral

Votes

No vote records are attached yet.

Versions

Documents

3 official files

Introduced in Senate (text)

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  • Introduced in Senate (text)

    Introduced in Senate · EN · 17 March 1999

    ViewDownloadOpen at official source

  • Introduced in Senate (PDF)

    Introduced in Senate · EN · 17 March 1999

    ViewDownloadOpen at official source

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  • Introduced in Senate

    summary · EN · 17 March 1999

    Open at official source

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Sponsors

Related records

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Sources

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