close
114th Congress: We're updating with new data as it becomes available.

S.2167 - Farm Savings Account Act of 2007

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. view all titles (2)

All Bill Titles

  • Short: Farm Savings Account Act of 2007 as introduced.
  • Official: 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. as introduced.

This Bill currently has no wiki content. If you would like to create a wiki entry for this bill, please Login, and then select the wiki tab to create it.

Bill’s Views

  • Today: 1
  • Past Seven Days: 2
  • All-Time: 2,003
 
Introduced
 
Senate
Passes
 
House
Passes
 
President
Signs
 

 
10/16/07
 
 
 
 
 
 
 

Official Summary

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 specifi

Official Summary

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.

...Read the Rest




Vote on This Bill

-% Users Support Bill

0 in favor / 0 opposed
 

Send Your Senator a Letter

about this bill Support Oppose Tracking
Track with MyOC