3.0.0 2167 2023-01-11T20:20:56Z 2023-01-11T20:20:56Z Senate S S 2007-10-16 110 ssfi00 Finance Committee Senate Standing Referred to 2007-10-16T18:43:36Z Farm Risk Management Act of 2007 110 1882 HR 2007-05-04 Executive Comment Requested from USDA. Related bill CRS 2007-10-16 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2007-10-16 Introduced in Senate IntroReferral 10000 9 Library of Congress S001141 Sen. Sessions, Jeff [R-AL] Jeff Sessions R AL N Taxation Agricultural subsidies Agriculture and Food Crop insurance Farm income Farmers Finance and Financial Sector Income tax Insurance premiums Law Saving and investment Tax deductions Tax exemption Tax penalties Trusts and trustees Taxation 00 2007-10-16 Introduced in Senate 2007-10-29T18:58:59Z 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.

]]> Farm Savings Account Act of 2007 Official Title as Introduced 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. Introduced in Senate IS Display Title Farm Savings Account Act of 2007 Short Titles as Introduced Farm Savings Account Act of 2007 Introduced in Senate 2007-10-16T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110s2167is/xml/BILLS-110s2167is.xml 2007-10-16 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.