S.671 - Agriculture Students Encourage, Acknowledge, Reward, Nurture Act115th Congress (2017-2018) |
|Sponsor:||Sen. Moran, Jerry [R-KS] (Introduced 03/21/2017)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 03/21/2017 Read twice and referred to the Committee on Finance. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
- Passed Senate
- Passed House
- To President
- Became Law
Summary: S.671 — 115th Congress (2017-2018)All Information (Except Text)
Introduced in Senate (03/21/2017)
Agriculture Students EARN Act or the Agriculture Students Encourage, Acknowledge, Reward, Nurture Act
This bill amends the Internal Revenue Code to exclude from the gross income of a student farmer up to $5,000 of the gain from the sale or exchange of personal property (including livestock, crops, and agricultural mechanics or shop products) produced or raised by the student farmer.
A student farmer is an individual who is under 19 years of age and is enrolled in: (1) a program established by the National FFA Organization; (2) a 4-H Club or other program established by 4-H; or (3) a student agriculture program that is under the direction or guidance of an agricultural educator, advisor, or club leader.
To qualify for the exclusion, the production and sale or exchange of the property must be supervised by one of the specified agriculture programs. The sale or exchange must also occur during qualified public entertainment or convention and trade show activities.