H.R.1296 - Payment-in-Kind Tax Treatment Act of 198398th Congress (1983-1984)
|Sponsor:||Rep. Harkin, Tom [D-IA-5] (Introduced 02/07/1983)|
|Committees:||House - Ways and Means|
|Committee Reports:||H.Rept 98-14|
|Latest Action:||03/11/1983 Became Public Law No: 98-4. (All Actions)|
|Roll Call Votes:||There has been 1 roll call vote|
This bill has the status Became Law
Here are the steps for Status of Legislation:
- Passed House
- Passed Senate
- Resolving Differences
- To President
- Became Law
Summary: H.R.1296 — 98th Congress (1983-1984)All Information (Except Text)
(House agreed to Senate amendment with an amendment)
House agreed to Senate amendment with amendment (03/09/1983)
Payment-in-Kind Tax Treatment Act of 1983 - Amends the Internal Revenue Code to permit farmers who participate in a 1983 payment-in-kind program to treat commodities received under such program as income in the year of sale rather than in the year of receipt. Provides that farm land diverted under a 1983 payment-in-kind program shall be treated as used in a farming business for purposes of the estate tax special use valuation. Treats such income as farm income for all tax purposes including the social security tax. Limits such tax treatment to only those crops which would normally be harvested or planted on or before December 31, 1983.
Requires the Secretary of the Treasury to submit to the Congress by September 1, 1983, a study of the effects of the payment-in-kind program and its tax treatment.
Restricts eligibility for such treatment to those who own farm land as of February 23, 1983, or those who received such land through: (1) inheritance; (2) gift from a person who held such land as such date; or (3) gift or purchase from a family member who held such land as of such date.