Farm Debt Tax Reform Act of 1991

Summary

Farm Debt Tax Reform Act of 1991 - Amends the Internal Revenue Code to exclude from gross income up to $300,000 (lifetime total) of capital gain from the transfer of property in complete or partial satisfaction of qualified farm indebtedness of a taxpayer: (1) whose modified gross income is below the national median adjusted gross income median; (2) whose gross receipts for six of the preceding ten years are at least 50 percent attributable to farming; and (3) whose equity in all property held after the transfer in question is less than the greater of $25,000 or 150 percent of income tax liability. Applies a comparable exclusion with respect to the discharge of qualified farm indebtedness of solvent farmers who meet these requirements and whose indebtedness both before and after the relevant transfer equals at least 70 percent or more of equity. Permits both tax exclusions retroactively with respect to taxable years 1987 and thereafter. Grants a one-year period after enactment of this Act for claims of credit or refund of overpayment of tax resulting from such Act.

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Timeline

1. 23 April 1991

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 23 April 1991

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 29 April 1992

   Committee

   Subcommittee on Energy and Agricultural Taxation. Hearings held. Hearings printed: S.Hrg. 102-831.

   Source: Committee

Votes

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Versions

• Introduced in Senate · — · Download file

Documents

2 official files

• Introduced in Senate (text)

  Introduced in Senate · EN

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 23 April 1991

  Open at official source

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Sponsors

• Sen. Conrad, Kent [D-ND] · D · Sponsor
• Sen. Daschle, Thomas A. [D-SD] · D · Sponsor
• Sen. Burdick, Quentin N. [D-ND] · D · Sponsor
• Sen. Dixon, Alan J. [D-IL] · D · Sponsor
• Sen. Harkin, Tom [D-IA] · D · Sponsor
• Sen. Heflin, Howell [D-AL] · D · Sponsor
• Sen. Kerrey, J. Robert [D-NE] · D · Sponsor
• Sen. Levin, Carl [D-MI] · D · Sponsor
• Sen. Symms, Steven D. [R-ID] · R · Sponsor
• · ssfi00 · Standing

Related records

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