s 11 46743 1192507200 false 1192507200 2167 458 110 300088 10/16/2007--Introduced.<br/>Farm Savings Account Act of 2007 - Amends the Internal Revenue Code to: (1) establish tax-exempt farm savings 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/> 1192507200 2007-10-16 Fri Nov 07 16:50:19 -0600 2008 introduced 46743 'act':4 '2007':6 'farm':1 'save':2 'account':3 53574 false Farm Savings Account Act of 2007 short introduced 46743 'may':57 'tax':21 '1986':10 'bill':2 'code':8 'crop':32,36 'farm':23 'lieu':27 'paid':59 'save':24 'year':80 'amend':4 'feder':30 'insur':33 'limit':67 'total':69 'amount':56,70 'assist':37 'author':12 'exempt':22 'intern':6 'obtain':29 'produc':14,61,76 'provid':39 'purpos':84 'revenu':7 'situat':53 'subsid':31 'taxabl':79 'account':25,44,64 'specifi':51 'noninsur':35 'contribut':18,41 'distribut':73 'establish':16 'secretari':47 'agricultur':13,49 'tax-exempt':20 52863 false A bill to amend the Internal Revenue Code of 1986 to authorize agricultural producers to establish and contribute to tax-exempt farm savings 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 action 46743 1192507200 Tue Oct 16 00:00:00 -0500 2007 132529 Read twice and referred to the Committee on Finance. S001141 1946-12-24 3027 335 Russell Senate Office Building http://sessions.senate.gov/public/index.cfm?FuseAction=ConstituentServices.ContactMe 202-224-3149 Jefferson 'r':4 'al':5 'sen':1 'jeff':8 'session':3,7,10 'jefferson':2,6,9 M 300088 Sessions Jeff_Sessions B. Sen. Jefferson Sessions [R, AL] 1386 Jeff N00003062 9477 Republican 202-224-4124 Methodist AL Jeff Sen. Jefferson Sessions 3.67272727272727 http://sessions.senate.gov/ action 46743 1192507200 Tue Oct 16 00:00:00 -0500 2007 132529 Read twice and referred to the Committee on Finance. introduced 46743 1192507200 Tue Oct 16 00:00:00 -0500 2007 132528