[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[S. 369 Introduced in Senate (IS)]







107th CONGRESS
  1st Session
                                 S. 369

To amend the Internal Revenue Code of 1986 to allow a written agreement 
   relating to the exclusion of certain farm rental income from net 
                     earnings from self-employment.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           February 15, 2001

  Mr. Grassley (for himself, Mr. Conrad, and Mr. Enzi) 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 allow a written agreement 
   relating to the exclusion of certain farm rental income from net 
                     earnings from self-employment.

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

SECTION 1. WRITTEN 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, 2001.
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