S.493 - Dairy Augmentation for Increased Retail in Yogurt products (DAIRY) Act

A bill to amend the Internal Revenue Code of 1986 to establish dairy farm savings accounts, and for other purposes. view all titles (2)

All Bill Titles

  • Official: A bill to amend the Internal Revenue Code of 1986 to establish dairy farm savings accounts, and for other purposes. as introduced.
  • Short: Dairy Augmentation for Increased Retail in Yogurt products (DAIRY) Act as introduced.

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Introduced
 
Senate
Passes
 
House
Passes
 
President
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03/07/13
 
 
 
 
 
 
 

Official Summary

Dairy Augmentation for Increased Retail in Yogurt products (DAIRY) Act - Amends the Internal Revenue Code to: (1) establish tax-exempt dairy farm savings accounts to allow taxpayers engaged in the trade or business of dairy farming to use distributions from such accounts to pay business exp

Official Summary

Dairy Augmentation for Increased Retail in Yogurt products (DAIRY) Act - Amends the Internal Revenue Code to:
(1) establish tax-exempt dairy farm savings accounts to allow taxpayers engaged in the trade or business of dairy farming to use distributions from such accounts to pay business expenses;
(2) allow a deduction from gross income for cash contributions to such accounts; and
(3) set forth tax rules relating to, and penalties for, account distributions, excess contributions, and prohibited transactions.

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