Summary: H.R.1094 — 107th Congress (2001-2002)All Information (Except Text)

There is one summary for H.R.1094. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (03/19/2001)

Farmers' Value-Added Agricultural Investment Tax Credit Act - Amends the Internal Revenue Code to provide that for purposes of the general business credit, for either an eligible farmer or a farmer-owned entity, the value-added agricultural property investment credit for any taxable year is 50 percent of the basis of any qualified value-added agricultural property placed in service during the taxable year. Provides that, in the case of a farmer-owned entity, such credit shall be allocated on a pro rata basis among eligible persons holding qualified interests in such entity as of the last day of such taxable year. Limits such credit.