3.0.0 2456 2023-01-15T04:49:06Z 2023-01-15T04:49:06Z Senate S S 2004-05-20 108 ssfi00 Finance Committee Senate Standing Referred to 2004-05-20T19:09:41Z 2004-05-20 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2004-05-20 Introduced in Senate IntroReferral 10000 9 Library of Congress B000243 Sen. Baucus, Max [D-MT] MAX BAUCUS D MT SIEBEN N Agriculture and Food Administrative procedure Agricultural subsidies Animals Capital gains tax Commerce Department of Agriculture Disaster relief Droughts Economics and Public Finance Emergency Management Excise tax Farm income Farmers Federal aid to Indians Fisheries Floods Government Operations and Politics Government paperwork Income tax Law Livestock Losses Marine and coastal resources, fisheries Minorities Native Americans Public Lands and Natural Resources Tax deductions Tax deferral Tax exclusion Tax penalties Taxation Trusts and trustees Water Resources Development Weather Agriculture and Food 00 2004-05-20 Introduced in Senate 2004-06-16T19:14:47Z Emergency Agricultural Disaster Assistance Act of 2004 - Directs the Secretary of Agriculture to provide: (1) emergency financial assistance to agricultural producers who have incurred qualifying 2003 and/or 2004 crop losses due to weather or related conditions; and (2) payments to livestock producers who have incurred 2003 and/or 2004 losses in an emergency-designated county, with set-asides for the American Indian livestock program.

Amends the Internal Revenue Code with respect to involuntary conversion rules to: (1) permit the replacement of livestock with other farm property in the case of drought, flood, or other weather-related conditions (such provision currently applies only to cases of soil or other environmental contamination); and (2) extend the replacement period for livestock sold on account of weather related conditions.

Allows an individual engaged in an eligible farming or commercial fishing business a deduction for any taxable year of up to 20 percent of taxable income attributable to the eligible farming or commercial fishing business paid in cash by the taxpayer to a Farm and Ranch Risk Management Account (FFARRM Account). Includes non-exempt FFARRM distributions in the taxpayer's gross income, and subjects to a special ten percent surtax distributions not made within five years of contribution. Prohibits FFARRM distributions from being used to overcapitalize any fishery. Establishes a tax on excess contributions, but exempts the taxpayer from the tax on certain prohibited transactions.

]]> Emergency Agricultural Disaster Assistance Act of 2004 Display Title Emergency Agricultural Disaster Assistance Act of 2004 Official Title as Introduced A bill to provide emergency disaster assistance to agricultural producers, and for other purposes. Introduced in Senate IS Short Titles as Introduced Emergency Agricultural Disaster Assistance Act of 2004 Introduced in Senate 2004-05-20T04:00:00Z 2004-05-20 Read twice and referred to the Committee on Finance. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.