[Congressional Bills 105th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4564 Introduced in House (IH)]







105th CONGRESS
  2d Session
                                H. R. 4564

To amend the Internal Revenue Code of 1986 to provide that farm income 
                 may be allocated among taxable years.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           September 14, 1998

   Mr. Ryun introduced the following bill; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
To amend the Internal Revenue Code of 1986 to provide that farm income 
                 may be allocated among taxable years.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Income Averaging Equity Act''.

SEC. 2. AVERAGING OF FARM INCOME.

    (a) In General.--Section 1301 of the Internal Revenue Code of 1986 
(relating to averaging of farm income) is amended by redesignating 
subsections (b) and (c) as subsections (c) and (d), respectively, and 
by inserting after subsection (a) the following new subsection:
    ``(b) Election to Move Farm Income Among Taxable Years.--
            ``(1) In general.--In lieu of the election under subsection 
        (a) for a taxable year, a taxpayer may elect to increase or 
        decrease taxable income for the taxable year and the 3 previous 
        taxable years by moving elected farm income from any of such 
        taxable years to any other of such taxable years.
            ``(2) Application to subsequent years.--Any adjustment 
        under this subsection for any taxable year shall be taken into 
        account in applying this section for any subsequent taxable 
        year.
            ``(3) Interest.--For purposes of applying sections 6601 and 
        6611 to returns modified under paragraph (1), the filing date 
        (as defined in section 6611(f)(4)(A)) for a returned modified 
        by reason of paragraph (1) shall be the same as the filing date 
        of the return for the current taxable year.''.
    (b) Conforming Amendments.--
            (1) The last sentence of subsection (a) of section 1301 of 
        such Code is amended by striking ``section'' the first place it 
        appears and inserting ``subsection''.
            (2) Clause (ii) of section 1301(b)(1)(A) of such Code is 
        amended by inserting ``or (b)'' after ``subsection (a)''.
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 1997.
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