To amend the Internal Revenue Code of 1986 to authorize agricultural producers to establish and contribute to tax-exempt farm risk management accounts in lieu of obtaining federally subsidized crop insurance or noninsured crop assistance, to provide for contributions to such accounts by the Secretary of Agriculture, to specify the situations in which amounts may be paid to producers from such accounts, and to limit the total amount of such distributions to a producer during a taxable year, and for other purposes.

42867 1176782400

false

1178251200

1882

389

110

400127

4/17/2007--Introduced.<br/>Farm Risk Management Act of 2007 - Amends the Internal Revenue Code to: (1) establish tax-exempt farm risk management accounts to allow taxpayers engaged in the business of farming or ranching to use distributions from such accounts to offset operational losses in lieu of receiving, after a specified transitional period, federal subsidies to purchase crop insurance; (2) allow a tax deduction for cash contributions to such accounts; (3) specify minimum levels of contributions to, and maximum levels of distributions from, such accounts; (4) require the Secretary of Agriculture to make matching contributions to such accounts; and (5) set forth tax rules relating to account distributions, excess contributions, and prohibited transactions.<br/>

1178251200

2007-05-04

Thu Nov 06 21:09:04 -0600 2008

introduced

42867

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45639

To amend the Internal Revenue Code of 1986 to authorize agricultural producers to establish and contribute to tax-exempt farm risk management accounts in lieu of obtaining federally subsidized crop insurance or noninsured crop assistance, to provide for contributions to such accounts by the Secretary of Agriculture, to specify the situations in which amounts may be paid to producers from such accounts, and to limit the total amount of such distributions to a producer during a taxable year, and for other purposes.

official

introduced

42867

'act':4 '2007':6 'farm':1 'risk':2 'manag':3

49853

Farm Risk Management Act of 2007

short

action

42867

1178251200 Fri May 04 00:00:00 -0500 2007 116145

Referred to the Subcommittee on General Farm Commodities and Risk Management.

E000268 1937-02-15

875

Terry

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6 202-225-2082 Spencer

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Spencer_Bachus

Thomas Rep. Spencer Bachus [R, AL-6]

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Spencer Bachus

4.5

http://bachus.house.gov/HoR/AL06/Home/

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1601

422 Cannon House Office Building

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1 202-225-0562 Jo

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M 400038 Bonner

Jo_Bonner

Rep. Jo Bonner [R, AL-1]

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Jo Bonner

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http://bonner.house.gov/HoR/AL01/Home

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303

Robert

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Democrat Methodist

Robert Cramer

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2353 Rayburn House Office Building

http://www.alceehastings.house.gov/index.php?option=com_content&task=view&id=104&Itemid=

23 202-225-1171 Alcee

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L. Rep. Alcee Hastings [D, FL-23]

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Rep.

Alcee Hastings

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3 202-226-8485 Michael

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Rep. Michael Rogers [R, AL-3]

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Michael Rogers

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RepMikeRogers

action

42867

1178251200 Fri May 04 00:00:00 -0500 2007 116145

Referred to the Subcommittee on General Farm Commodities and Risk Management.

action

42867

1178251200 Fri May 04 00:00:00 -0500 2007 116146

Executive Comment Requested from USDA.

action

42867

1176782400 Tue Apr 17 00:00:00 -0500 2007 116144

Sponsor introductory remarks on measure. (CR E764)

action

42867

1176782400 Tue Apr 17 00:00:00 -0500 2007 108466

Referred to the Committee on Ways and Means, and in addition to the Committee on Agriculture, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

action

42867

1176782400 Tue Apr 17 00:00:00 -0500 2007 108465

Introductory remarks on measure. (CR E764)

action

42867

1176782400 Tue Apr 17 00:00:00 -0500 2007 108468

Referred to House Agriculture

action

42867

1176782400 Tue Apr 17 00:00:00 -0500 2007 108467

Referred to House Ways and Means

introduced

42867

1176782400 Tue Apr 17 00:00:00 -0500 2007 108464