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 to: (1) allow certain commercial farming and fishing businesses a tax deduction for cash contributions (up to 20 percent of taxable income) to a Farm, Fishing, and Ranch Risk Management Account (FFARRM Account); (2) exempt agricultural bonds from private activity bond volume caps; (3) allow individuals a tax deduction for charitable contributions of food (currently restricted to C corporations); (4) extend income averaging to fishermen (currently allowed for farmers) and exclude income averaging for farmers and fishermen from the computation of the alternative minimum tax; (5) modify cooperative marketing rules to include value-added processing involving animals; (6) permit farmer cooperatives to seek declaratory judgments with respect to their tax-exempt status; and (7) allow the allocation of the small ethanol tax credit amounts to patrons of tax-exempt cooperatives. Amends the Code and title II (Old Age, Survivors and Disability Insurance) of the Social Security Act to exclude certain rental income and conservation reserve program payments from the self-employment tax. Provides that dividends on the capital stock or other proprietary capital interests of tax-exempt cooperatives shall not reduce the net earnings of such cooperatives. Modifies involuntary conversion rules to extend from two to four years the replacement period for livestock sold due to drought, flood, or other weather-related conditions.

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

Timeline

1. 19 March 2003

   Introduced

   Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S4006-4009)

   Source: IntroReferral

2. 19 March 2003

   Introduced

   Sponsor introductory remarks on measure. (CR S4005-4006)

   Source: IntroReferral

3. 19 March 2003

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 19 March 2003 · Download file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 19 March 2003

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 19 March 2003

  ViewDownloadOpen at official source

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• Introduced in Senate

  summary · EN · 19 March 2003

  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. 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. Crapo, Mike [R-ID] · R · Sponsor
• Sen. Fitzgerald, Peter [R-IL] · R · Sponsor
• Sen. Johnson, Tim [D-SD] · D · Sponsor
• Sen. Hagel, Chuck [R-NE] · R · Sponsor
• Sen. Miller, Zell [D-GA] · D · Sponsor
• Sen. Dorgan, Byron L. [D-ND] · D · Sponsor
• Sen. Daschle, Thomas A. [D-SD] · D · Sponsor
• Sen. Allard, Wayne [R-CO] · R · Cosponsor
• Sen. Bond, Christopher S. [R-MO] · R · Cosponsor
• Sen. Smith, Gordon H. [R-OR] · R · Cosponsor
• Sen. Coleman, Norm [R-MN] · R · Cosponsor
• Sen. Cochran, Thad [R-MS] · R · Cosponsor
• Sen. DeWine, Mike [R-OH] · R · Cosponsor
• Sen. Nelson, Ben [D-NE] · D · Cosponsor
• Sen. Santorum, Rick [R-PA] · R · Cosponsor
• Sen. Murkowski, Lisa [R-AK] · R · Cosponsor
• · ssfi00 · Standing

Related records

• related to → Tax Empowerment and Relief for Farmers and Fishermen (TERFF) Act