H.R.662 - Farm and Ranch Risk Management Act107th Congress (2001-2002)
|Sponsor:||Rep. Hulshof, Kenny C. [R-MO-9] (Introduced 02/14/2001)|
|Committees:||House - Ways and Means|
|Latest Action:||02/14/2001 Referred to the House Committee on Ways and Means.|
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Summary: H.R.662 — 107th Congress (2001-2002)All Bill Information (Except Text)
Farm and Ranch Risk Management Act - Amends the Internal Revenue Code to allow an individual engaged in an eligible farming or commercial fishing business a deduction for any taxable year of up to 20 percent of taxable income attributable to the eligible farming or commercial fishing business which was paid in cash by the taxpayer to a Farm and Ranch Risk Management Account (FARRM Account).
Introduced in House (02/14/2001)
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.