[Congressional Bills 105th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4641 Introduced in House (IH)]







105th CONGRESS
  2d Session
                                H. R. 4641

  To amend the Internal Revenue Code of 1986 to defer certain prepaid 
  farm expenses incurred by reason of a change in business operations 
  attributable to the enactment of the Agricultural Market Transition 
                                  Act.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           September 25, 1998

Mr. Smith of Michigan 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 defer certain prepaid 
  farm expenses incurred by reason of a change in business operations 
  attributable to the enactment of the Agricultural Market Transition 
                                  Act.

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

SECTION 1. DEDUCTIONS FOR CERTAIN FARMING EXPENSES.

    (a) In General.--Clause (ii) of section 464(f)(3)(A) of the 
Internal Revenue Code of 1986 is amended by inserting ``the enactment 
of the Agricultural Market Transition Act or''.
    (b) Effective Date.--The amendment made by subsection (a) shall 
apply to taxable years beginning after the date of the enactment of 
this Act.
                                 <all>