H.R.5506 - A bill to restore income averaging for farmers.100th Congress (1987-1988)
|Sponsor:||Rep. Emerson, Bill [R-MO-8] (Introduced 10/12/1988)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 10/12/1988 Referred to House Committee on Ways and Means. (All Actions)|
This bill has the status Introduced
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Summary: H.R.5506 — 100th Congress (1987-1988)All Information (Except Text)
Introduced in House (10/12/1988)
Repeals specified provisions of the Tax Reform Act of 1986 that eliminated income averaging. Provides that the Internal Revenue Code (IRC) be applied and administered as if such provisions had not been enacted.
Amends the IRC to restore income averaging for a person: (1) actively engaged in the trade or business of farming, including aquaculture; and (2) whose average annual gross income for the three preceding taxable years is at least 50 percent attributable to farming.