[Congressional Bills 105th Congress]
[From the U.S. Government Publishing Office]
[S. 529 Introduced in Senate (IS)]







105th CONGRESS
  1st Session
                                 S. 529

  To amend the Internal Revenue Code of 1986 to exclude certain farm 
 rental income from net earnings from self-employment if the taxpayer 
         enters into a lease agreement relating to such income.


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                   IN THE SENATE OF THE UNITED STATES

                             April 9, 1997

Mr. Grassley (for himself and Mr. Grams) introduced the following bill; 
     which was read twice and referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
  To amend the Internal Revenue Code of 1986 to exclude certain farm 
 rental income from net earnings from self-employment if the taxpayer 
         enters into a lease agreement relating to such income.

    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 ``Farm Independence Act of 1997''.

SEC. 2. LEASE AGREEMENT RELATING TO EXCLUSION OF CERTAIN FARM RENTAL 
              INCOME FROM NET EARNINGS FROM SELF-EMPLOYMENT.

    (a) Internal Revenue Code.--Section 1402(a)(1)(A) of the Internal 
Revenue Code of 1986 (relating to net earnings from self-employment) is 
amended by striking ``an arrangement'' and inserting ``a lease 
agreement''.
    (b) Social Security Act.--Section 211(a)(1)(A) of the Social 
Security Act is amended by striking ``an arrangement'' and inserting 
``a lease agreement''.
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 1997.
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