Tax Empowerment and Relief for Farmers and Fishermen (TERFF) Act
Latest action · Mar 19, 2003 Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S4006-4009)
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedMar 19, 2003
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Tax Empowerment and Relief for Farmers and Fishermen (TERFF) Act - Amends the Internal Revenue Code to: (1) allow certain commercial farming and fishing businesses a tax deduction for cash contributions (up to 20 percent of taxable income) to a Farm, Fishing, and Ranch Risk Management Account (FFARRM Account); (2) exempt agricultural bonds from private activity bond volume caps; (3) allow individuals a tax deduction for charitable contributions of food (currently restricted to C corporations); (4) extend income averaging to fishermen (currently allowed for farmers) and exclude income averaging for farmers and fishermen from the computation of the alternative minimum tax; (5) modify cooperative marketing rules to include value-added processing involving animals; (6) permit farmer cooperatives to seek declaratory judgments with respect to their tax-exempt status; and (7) allow the allocation of the small ethanol tax credit amounts to patrons of tax-exempt cooperatives.
Amends the Code and title II (Old Age, Survivors and Disability Insurance) of the Social Security Act to exclude certain rental income and conservation reserve program payments from the self-employment tax.
Provides that dividends on the capital stock or other proprietary capital interests of tax-exempt cooperatives shall not reduce the net earnings of such cooperatives.
Modifies involuntary conversion rules to extend from two to four years the replacement period for livestock sold due to drought, flood, or other weather-related conditions.
Cosponsors 22
Members who signed on, in the order they did. Signatures ran from Mar 19, 2003 to Nov 21, 2003; 13 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-AR | Blanche L. Lincoln | Original | Mar 19, 2003 |
| D-ND | Byron L. Dorgan | Original | Mar 19, 2003 |
| R-NE | Chuck Hagel | Original | Mar 19, 2003 |
| R-MT | Conrad R. Burns | Original | Mar 19, 2003 |
| R-ID | Larry E. Craig | Original | Mar 19, 2003 |
| D-MT | Max Baucus | Original | Mar 19, 2003 |
| R-ID | Mike Crapo | Original | Mar 19, 2003 |
| R-KS | Pat Roberts | Original | Mar 19, 2003 |
| R-IL | Peter Fitzgerald | Original | Mar 19, 2003 |
| R-KS | Sam Brownback | Original | Mar 19, 2003 |
| D-SD | Thomas A. Daschle | Original | Mar 19, 2003 |
| D-SD | Tim Johnson | Original | Mar 19, 2003 |
| D-GA | Zell Miller | Original | Mar 19, 2003 |
| R-CO | Wayne Allard | Apr 2, 2003 | |
| R-MO | Christopher S. Bond | Apr 7, 2003 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| Senate | Finance Committee | Referred Mar 20, 2003 |
Actions 3
Everything that happened, newest first.
- Mar 19, 2003Introduced in Senate
- Mar 19, 2003Sponsor introductory remarks on measure. (CR S4005-4006)
- Mar 19, 2003Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S4006-4009)
In the Congressional Record 2
Days the Record’s own index lists this bill, newest first, with the pages and the members it names. Pages starting H are the House, S the Senate, E Extensions of Remarks.
| Where | In the Record | Members | Date |
|---|---|---|---|
| Senate | Debate and remarks S4836, S4837 | Chuck Grassley R-IA, Max Baucus D-MT | Apr 3, 2003 |
| Senate | Debate and remarks S4005–S4009Text printed S4006–S4009 | Chuck Grassley R-IA (text), Max Baucus D-MT | Mar 19, 2003 |
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Printed hearings 1
Hearings whose printed record names this bill, newest first: hearings on it, and wider hearings where it came up.
| Number | Hearing | Committee | Held |
|---|---|---|---|
| Serial No. 108-70 | 2004 TAX RETURN FILING SEASON AND THE IRS BUDGET FOR FISCAL YEAR 2005123 pages | Ways and Means Committee | Mar 30, 2004 |
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 5169 | Tax Empowerment and Relief for Farmers and Fishermen (TERFF) Act | Related bill | Sep 29, 2004 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- A bill to amend the Internal Revenue Code of 1986 to provide tax relief for farmers and fisherman, and for other purposes.
- Short Titles as Introduced
- Tax Empowerment and Relief for Farmers and Fishermen (TERFF) Act
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
- Agricultural conservation
- Agricultural cooperatives
- Agricultural production
- Agriculture and Food
- Alcohol as fuel
- Animals
- Charitable contributions
- Civil actions and liability
- Commerce
- Cooperative societies
- Disaster relief
- Dividends
- Droughts
- Emergency Management
- Energy
- Environmental Protection
- Excise tax
- Farm income
- Farmers
- Feeds
- Finance and Financial Sector
- Financial statements
- Fisheries
- Fishing boats
- Floods
- Food industry
- Food relief
- Government Operations and Politics
- Government paperwork
- Income tax
- Inventories
- Judicial opinions
- Judicial review
- Law
- Leases
- Livestock
- Marine and coastal resources, fisheries
- Marketing of farm produce
- Minimum tax
- Old age, survivors and disability insurance
- Public Lands and Natural Resources
- Rent
- Social security taxes
- Social Welfare
- Soil conservation
- Stocks
- Tax administration
- Tax credits
- Tax deductions
- Tax deferral
- Tax exclusion
- Tax penalties
- Tax returns
- Tax-exempt organizations
- Tax-exempt securities
- Taxation
- Trusts and trustees
- Unrelated business income tax
- Water Resources Development
- Weather
Text 1
Each version as it was printed, newest first.
- Mar 19, 2003Introduced in Senate
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.