3.0.0 2761 2023-01-14T22:48:25Z 2023-01-14T22:48:25Z Senate S S 2004-07-22 108 ssfi00 Finance Committee Senate Standing Referred to 2004-07-23T01:15:22Z 2004-07-22 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2004-07-22 Introduced in Senate IntroReferral 10000 9 Library of Congress G000386 Sen. Grassley, Chuck [R-IA] Charles Grassley R IA E. N B000243 Sen. Baucus, Max [D-MT] MAX BAUCUS D MT SIEBEN 2004-07-22 True S001142 Sen. Smith, Gordon H. [R-OR] GORDON SMITH R OR H. 2004-07-22 True C000705 Sen. Conrad, Kent [D-ND] KENT CONRAD D ND 2004-07-22 True D000064 Sen. Daschle, Thomas A. [D-SD] THOMAS DASCHLE D SD ANDREW 2004-07-22 True L000447 Sen. Lott, Trent [R-MS] CHESTER LOTT R MS TRENT 2004-09-08 False R000307 Sen. Roberts, Pat [R-KS] PAT ROBERTS R KS 2004-09-09 False Taxation Administrative procedure Agricultural conservation Agricultural cooperatives Agriculture and Food Alcoholic beverages Aliens Animals Bank management Capital Capital gains tax Charitable contributions Commerce Congress Congressional reporting requirements Construction costs Cooperative societies Corporation taxes Dividends Divorce Droughts Economics and Public Finance Education Elementary and secondary education Emergency Management Environmental Protection Excise tax Families Family enterprises Family farms Farm income Farmers Federal advisory bodies Finance and Financial Sector Fishing boats Food relief Government Operations and Politics Health Home ownership Horses Housing and Community Development Housing finance Immigration Income tax Indian economic development Indian education Individual retirement accounts Investment tax credit Investments Labor and Employment Law Legislation Livestock Losses Marine and coastal resources, fisheries Marketing of farm produce Minimum tax Minorities Nursing homes Postal service Profit Rent Retail trade Rural economic development School buildings Securities regulation Small business Social Welfare Social security taxes Stockholders Stocks Subsidiary corporations Tax administration Tax credits Tax deductions Tax deferral Tax exclusion Tax returns Tax-exempt securities Trusts and trustees Water Resources Development Wholesale trade Taxation 00 2004-07-22 Introduced in Senate 2004-11-12T21:19:59Z Heartland Investment and Rural Employment (HIRE) Act - Amends the Internal Revenue Code to revise provisions relating to agricultural cooperatives (Subchapter T), including concerning marketing rules, declaratory judgment relief, treatment of dividends on cooperative stock, and apportionment of credits among patrons of such cooperatives. Establishes a Subchapter T Commission to study the provisions of such Subchapter and make recommendations for change.

Revises provisions relating to the self-employment income of farmers and other small business owners, including provisions relating to agricultural bonds, income averaging, involuntary conversions of livestock, and rules relating to Subchapter S corporations and subsidiaries.

Allows individuals (currently limited to C corporations) a tax deduction for charitable contributions of food.

Allows taxpayers engaged in a farming or commercial fishing business a tax deduction for contributions to a Farm, Fishing and Ranch Risk Management Account (FFARRM Account).

Repeals occupational taxes on producers and marketers of alcoholic beverages.

Enacts or amends provisions relating to investment in rural areas, allowing for a rural investment tax credit and a rural small business investment credit. Allows for the expansion of renewal community areas based on 2000 census data.

Enacts or amends provisions relating to Indian tribal governments and reservations, including a new markets tax credit for Native American reservations, modifications of the authority of Indian tribal governments to issue tax-exempt bonds, and a tax credit for investment in tribal school modernization bonds.

Allows a tax credit for the purchase of a residence in rural areas, Indian reservations, or areas of chronic economic distress.

]]> Heartland Investment and Rural Employment (HIRE) Act Display Title Heartland Investment and Rural Employment (HIRE) Act Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to provide tax relief for farmers, ranchers, and fishermen, and for other purposes. Introduced in Senate IS Short Titles as Introduced Heartland Investment and Rural Employment (HIRE) Act Introduced in Senate 2004-07-22T04:00:00Z 2004-07-22 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.