[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[S. 1814 Reported in Senate (RS)]

                                                       Calendar No. 398

103d CONGRESS

  2d Session

                                S. 1814

                          [Report No. 103-244]

_______________________________________________________________________

                                 A BILL

 To amend the Internal Revenue Code of 1986 to provide that a taxpayer 
  may elect to include in income crop insurance proceeds and disaster 
     payments in the year of the disaster or in the following year.

_______________________________________________________________________

                             April 5, 1994

    Reported under authority of the order of the Senate of March 22 
(legislative day, February 22), 1994, with amendments and an amendment 
                             to the title.





                                                       Calendar No. 398
103d CONGRESS
  2d Session
                                S. 1814

                          [Report No. 103-244]

 To amend the Internal Revenue Code of 1986 to provide that a taxpayer 
  may elect to include in income crop insurance proceeds and disaster 
     payments in the year of the disaster or in the following year.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

             February 1 (legislative day, January 25), 1993

 Mr. Daschle (for himself, Mr. Harkin, Mr. Grassley, Mr. Feingold, Mr. 
 Boren, Mr. Wellstone, Mr. Breaux, Mr. Kohl, Mr. Dole, Mr. Conrad, Mr. 
   Dorgan, Mr. Durenberger, Mr. Leahy, Mrs. Kassebaum, Mr. Exon, Mr. 
  Pressler, Mr. Bumpers, and Mr. Lott) introduced the following bill; 
     which was read twice and referred to the Committee on Finance

                             April 5, 1994

    Reported under authority of the order of the Senate of March 22 
(legislative day, February 22), 1994, by Mr. Moynihan, with amendments 
                     and an amendment to the title
  [Omit the part struck through and insert the part printed in italic]

_______________________________________________________________________

                                 A BILL


 
 To amend the Internal Revenue Code of 1986 to provide that a taxpayer 
  may elect to include in income crop insurance proceeds and disaster 
     payments in the year of the disaster or in the following year.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SPECIAL RULE FOR CROP INSURANCE PROCEEDS AND DISASTER 
              PAYMENTS.

    (a) In General.--Section 451(d) of the Internal Revenue Code of 
1986 (relating to special rule for crop insurance proceeds and disaster 
payments) is amended to read as follows:
    ``(d) Special Rule for Crop Insurance Proceeds and Disaster 
Payments.--
            ``(1) General rule.--In the case of any payment described 
        in paragraph (2), a taxpayer reporting on the cash receipts and 
        disbursements method of accounting--
                    ``(A) may elect to treat any such payment received 
                in the taxable year of destruction or damage of crops 
                as having been received in the following taxable year 
                if the taxpayer establishes that, under the taxpayer's 
                practice, income from such crops involved would have 
                been reported in -t-h-e a following taxable year, or
                    ``(B) may elect to treat any such payment received 
                in -t-h-e a taxable year following the taxable year of 
                the destruction or damage of crops as having been 
                received in the taxable year of destruction or damage, 
                if the taxpayer establishes that, under the taxpayer's 
                practice, income from such crops involved would have 
                been reported in the taxable year of destruction or 
                damage.
            ``(2) Payments described.--For purposes of this subsection, 
        a payment is described in this paragraph if such payment--
                    ``(A) is insurance proceeds received on account of 
                destruction or damage to crops, or
                    ``(B) is disaster assistance received under any 
                Federal law as a result of--
                            ``(i) destruction or damage to crops caused 
                        by drought, flood, or other natural disaster, 
                        or
                            ``(ii) inability to plant crops because of 
                        such a disaster.''.
    (b) Effective Date.--The amendment made by subsection (a) applies 
to payments received after December 31, 1992, as a result of 
destruction or damage occurring after such date.

SEC. 2. TECHNICAL CORRECTION REGARDING INDEXATION OF THRESHOLD 
              APPLICABLE TO LUXURY AUTOMOBILE EXCISE TAX.

    (a) In General.--Subsection (e) of section 4001 of the Internal 
Revenue Code of 1986 (relating to inflation adjustment) is amended to 
read as follows:
    ``(e) Inflation Adjustment.--
            ``(1) In general.--In the case of any calendar year after 
        1993, the $30,000 amount in subsection (a) and section 4003(a) 
        shall be increased by an amount equal to--
                    ``(A) $30,000, multiplied by
                    ``(B) the cost-of-living adjustment under section 
                1(f)(3) for such calendar year, determined by 
                substituting `calendar year 1990' for `calendar year 
                1992' in subparagraph (B) thereof.
            ``(2) Rounding.--If any amount as adjusted under paragraph 
        (1) is not a multiple of $2,000, such amount shall be rounded 
        to the next lowest multiple of $2,000.''
    (b) Effective Date.--The amendment made by subsection (a) shall 
take effect on January 1, 1995.
            Amend the title so as to read: ``A bill to amend the 
        Internal Revenue Code of 1986 to provide that a taxpayer may 
        elect to include in income crop insurance proceeds and disaster 
        payments in the year of the disaster or in the following year, 
        to provide for a technical correction regarding indexation of 
        the threshold applicable to the luxury automobile excise tax, 
        and for other purposes.''.