Farm, Fishing, and Ranch Risk Management Act

Fact Sheet API

Bill Number

S 313

Introduced

Feb 13, 2001

Latest Action

Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S1334-1335)

Sponsor

Cosponsors

Topics

Agricultural production Agriculture and Food Business income tax Commerce Excise tax Farm income Farmers Finance and Financial Sector Financial statements Fisheries Fishing boats Government Operations and Politics Government paperwork Income tax Law Marine and coastal resources, fisheries Tax deductions Tax deferral Tax exclusion Tax penalties Tax returns Taxation Trusts and trustees

Full Text

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Votes

Summary

Farm, Fishing, and Ranch Risk Management Act - Amends the Internal Revenue Code to allow an individual involved in an eligible farming or commercial fishing business to make a deductible contribution up to 20 percent of his or her farming or fishing taxable income to a Farm, Fishing, and Ranch Risk Management Account (FFARRM Account).

States that: (1) Account distributions may not be used to add capacity or contribute to the overcapitalization of any fishery; (2) Account contributions shall not reduce self-employment net earnings; (3) Account distributions (other than income attributed to the Account) shall be includible in gross income, including deposits not distributed within five years.

Actions

Feb 13, 2001

Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S1334-1335)
Feb 13, 2001

Sponsor introductory remarks on measure. (CR S1331)
Feb 13, 2001

Introduced in Senate

Amendments

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