summary
Introduced
12/08/2022
12/08/2022
In Committee
12/08/2022
12/08/2022
Crossed Over
Passed
Dead
01/03/2023
01/03/2023
Introduced Session
117th Congress
Bill Summary
A bill to exclude from gross income certain assistance provided to farmers, and for other purposes.
AI Summary
This bill, the Family Farmer and Rancher Tax Fairness Act of 2022, aims to exclude certain assistance payments provided to farmers and ranchers from being included in their gross income for tax purposes. Specifically, the bill would ensure that payments made under the American Rescue Plan Act of 2021 and Public Law 117-169 are not subject to federal income tax, and would also prevent any related deductions, tax attribute reductions, or basis increases from being denied. For partnerships and S corporations that receive such payments, the bill would treat the excluded amounts as tax-exempt income and provide guidance on adjusting the partners' basis in the partnership.
Committee Categories
Budget and Finance
Sponsors (4)
Last Action
Read twice and referred to the Committee on Finance. (on 12/08/2022)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/117th-congress/senate-bill/5224/all-info |
| BillText | https://www.congress.gov/117/bills/s5224/BILLS-117s5224is.pdf |
| Bill | https://www.congress.gov/117/bills/s5224/BILLS-117s5224is.pdf.pdf |
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