I 112th CONGRESS 2d Session H. R. 5990 IN THE HOUSE OF REPRESENTATIVES June 21, 2012 Mr. Schock (for himself, Mr. Yoder, Mr. Guthrie, and Mr. Schilling) 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 exclude certain farm rental income from net earnings from self-employment if the taxpayer enters into a lease agreement relating to such income.

1.

Short title

This Act may be cited as the Farm Tax Parity Act.

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, 2012.