Family Farm Tax Simplification Act of 2003 - Amends the Internal Revenue Code to exempt from treatment as a partnership a qualified farming joint venture conducted by a jointly-filing husband and wife. Provides that income, gain, loss, deductions, and credits shall be equally divided, and treated as if attributable to a trade or business conducted by each spouse as a sole proprietor.
Defines "qualified farming joint venture."
Amends the Code and the Social Security Act to treat such income as net earnings from self-employment, respectively.
Actions
Feb 26, 2003
Sponsor introductory remarks on measure. (CR E290-291)
Feb 25, 2003
Referred to the House Committee on Ways and Means.