3.0.0 665 2023-01-15T23:03:28Z 2023-01-15T23:03:28Z Senate S S 2003-03-19 108 ssfi00 Finance Committee Senate Standing Referred to 2003-03-20T00:15:18Z Tax Empowerment and Relief for Farmers and Fishermen (TERFF) Act 108 5169 HR 2004-09-29 Referred to the House Committee on Ways and Means. Related bill CRS 2003-03-19 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S4006-4009) IntroReferral 2003-03-19 Sponsor introductory remarks on measure. (CR S4005-4006) IntroReferral B00100 9 Library of Congress 2003-03-19 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 2003-03-19 True R000307 Sen. Roberts, Pat [R-KS] PAT ROBERTS R KS 2003-03-19 True B000953 Sen. Brownback, Sam [R-KS] SAM BROWNBACK R KS 2003-03-19 True L000035 Sen. Lincoln, Blanche L. [D-AR] BLANCHE LINCOLN D AR LAMBERT 2003-03-19 True B001126 Sen. Burns, Conrad R. [R-MT] CONRAD BURNS R MT R. 2003-03-19 True C000858 Sen. Craig, Larry E. [R-ID] LARRY CRAIG R ID EDWIN 2003-03-19 True C000880 Sen. Crapo, Mike [R-ID] Mike Crapo R ID 2003-03-19 True F000442 Sen. Fitzgerald, Peter [R-IL] PETER FITZGERALD R IL 2003-03-19 True J000177 Sen. Johnson, Tim [D-SD] TIM JOHNSON D SD 2003-03-19 True H001028 Sen. Hagel, Chuck [R-NE] CHUCK HAGEL R NE 2003-03-19 True M001141 Sen. Miller, Zell [D-GA] ZELL MILLER D GA 2003-03-19 True D000432 Sen. Dorgan, Byron L. [D-ND] BYRON DORGAN D ND LESLIE 2003-03-19 True D000064 Sen. Daschle, Thomas A. [D-SD] THOMAS DASCHLE D SD ANDREW 2003-03-19 True A000109 Sen. Allard, Wayne [R-CO] A. ALLARD R CO WAYNE 2003-04-02 False B000611 Sen. Bond, Christopher S. [R-MO] CHRISTOPHER BOND R MO S. 2003-04-07 False S001142 Sen. Smith, Gordon H. [R-OR] GORDON SMITH R OR H. 2003-04-30 False C001057 Sen. Coleman, Norm [R-MN] Norm Coleman R MN 2003-04-30 False C000567 Sen. Cochran, Thad [R-MS] Thad Cochran R MS 2003-04-30 False D000294 Sen. DeWine, Mike [R-OH] MICHAEL DEWINE R OH 2003-06-02 False N000180 Sen. Nelson, Ben [D-NE] E. Nelson D NE Benjamin 2003-06-10 False S000059 Sen. Santorum, Rick [R-PA] RICK SANTORUM R PA 2003-06-10 False M001153 Sen. Murkowski, Lisa [R-AK] Lisa Murkowski R AK 2003-11-21 False Taxation Agricultural conservation Agricultural cooperatives Agricultural production Agriculture and Food Alcohol as fuel Animals Charitable contributions Civil actions and liability Commerce Cooperative societies Disaster relief Dividends Droughts Emergency Management Energy Environmental Protection Excise tax Farm income Farmers Feeds Finance and Financial Sector Financial statements Fisheries Fishing boats Floods Food industry Food relief Government Operations and Politics Government paperwork Income tax Inventories Judicial opinions Judicial review Law Leases Livestock Marine and coastal resources, fisheries Marketing of farm produce Minimum tax Old age, survivors and disability insurance Public Lands and Natural Resources Rent Social Welfare Social security taxes Soil conservation Stocks Tax administration Tax credits Tax deductions Tax deferral Tax exclusion Tax penalties Tax returns Tax-exempt organizations Tax-exempt securities Trusts and trustees Unrelated business income tax Water Resources Development Weather Taxation 00 2003-03-19 Introduced in Senate 2004-11-18T16:17:55Z Tax Empowerment and Relief for Farmers and Fishermen (TERFF) Act - Amends the Internal Revenue Code to: (1) allow certain commercial farming and fishing businesses a tax deduction for cash contributions (up to 20 percent of taxable income) to a Farm, Fishing, and Ranch Risk Management Account (FFARRM Account); (2) exempt agricultural bonds from private activity bond volume caps; (3) allow individuals a tax deduction for charitable contributions of food (currently restricted to C corporations); (4) extend income averaging to fishermen (currently allowed for farmers) and exclude income averaging for farmers and fishermen from the computation of the alternative minimum tax; (5) modify cooperative marketing rules to include value-added processing involving animals; (6) permit farmer cooperatives to seek declaratory judgments with respect to their tax-exempt status; and (7) allow the allocation of the small ethanol tax credit amounts to patrons of tax-exempt cooperatives.

Amends the Code and title II (Old Age, Survivors and Disability Insurance) of the Social Security Act to exclude certain rental income and conservation reserve program payments from the self-employment tax.

Provides that dividends on the capital stock or other proprietary capital interests of tax-exempt cooperatives shall not reduce the net earnings of such cooperatives.

Modifies involuntary conversion rules to extend from two to four years the replacement period for livestock sold due to drought, flood, or other weather-related conditions.

]]> Tax Empowerment and Relief for Farmers and Fishermen (TERFF) Act Display Title Tax Empowerment and Relief for Farmers and Fishermen (TERFF) Act Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to provide tax relief for farmers and fisherman, and for other purposes. Introduced in Senate IS Short Titles as Introduced Tax Empowerment and Relief for Farmers and Fishermen (TERFF) Act Introduced in Senate 2003-03-19T05:00:00Z 2003-03-19 Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S4006-4009) 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.