A bill to amend the Internal Revenue Code of 1986 to provide involuntary conversion tax relief for producers forced to sell livestock due to weather-related conditions or Federal land management agency policy or action, and for other purposes.
Amends the Internal Revenue Code to allow farmers to delay the inclusion in income of the amount earned from the sale of excess livestock due to Federal land management policy or action or to severe weather conditions until the year following two years in which the condition does not exist (present law allows for inclusion of such income in the year following a year of severe weather).
Sets forth new rules for drought designations. Modifies rules for replacement of involuntarily converted livestock, including to prescribe that an heir to an estate may replace such property within the required time frame.
Actions
Jul 19, 2002
Read twice and referred to the Committee on Finance.