[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[S. 5224 Introduced in Senate (IS)]

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117th CONGRESS
  2d Session
                                S. 5224

 To exclude from gross income certain assistance provided to farmers, 
                        and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                            December 8, 2022

  Mr. Booker (for himself, Ms. Stabenow, Mr. Warnock, and Ms. Smith) 
introduced the following bill; which was read twice and referred to the 
                          Committee on Finance

_______________________________________________________________________

                                 A BILL


 
 To exclude from gross income certain assistance provided to farmers, 
                        and for other purposes.

    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 ``Family Farmer and Rancher Tax 
Fairness Act of 2022''.

SEC. 2. TAX TREATMENT OF CERTAIN ASSISTANCE TO FARMERS, ETC.

    For purposes of the Internal Revenue Code of 1986, in the case of 
any payment described in section 1006(e) of the American Rescue Plan 
Act of 2021 (as amended by section 22007 of Public Law 117-169) or 
section 22006 of Public Law 117-169--
            (1) such payment shall not be included in the gross income 
        of the person on whose behalf, or to whom, such payment is 
        made,
            (2) no deduction shall be denied, no tax attribute shall be 
        reduced, and no basis increase shall be denied, by reason of 
        the exclusion from gross income provided by paragraph (1), and
            (3) in the case of a partnership or S corporation on whose 
        behalf, or to whom, such a payment is made--
                    (A) any amount excluded from income by reason of 
                paragraph (1) shall be treated as tax exempt income for 
                purposes of sections 705 and 1366 of such Code, and
                    (B) except as provided by the Secretary of the 
                Treasury (or the Secretary's delegate), any increase in 
                the adjusted basis of a partner's interest in a 
                partnership under section 705 of such Code with respect 
                to any amount described in subparagraph (A) shall equal 
                the partner's distributive share of deductions 
                resulting from interest that is part of such payment 
                and the partner's share, as determined under section 
                752 of such Code, of principal that is part of such 
                payment.
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