Summary: S.493 — 113th Congress (2013-2014)All Information (Except Text)

There is one summary for S.493. Bill summaries are authored by CRS.

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Introduced in Senate (03/07/2013)

Dairy Augmentation for Increased Retail in Yogurt products (DAIRY) Act - Amends the Internal Revenue Code to: (1) establish tax-exempt dairy farm savings accounts to allow taxpayers engaged in the trade or business of dairy farming to use distributions from such accounts to pay business expenses; (2) allow a deduction from gross income for cash contributions to such accounts; and (3) set forth tax rules relating to, and penalties for, account distributions, excess contributions, and prohibited transactions.