98th Congress > House > Vote 19
Sponsor: ROSTENKOWSKI, Daniel David (D-IL)
Description: TO SUSPEND THE RULES AND PASS H.R. 1296, A BILL AMENDING THE INTERNAL REVENUE CODE OF 1954 TO ALLOW ANY TAXPAYER TO ELECT TO TREAT FOR INCOME TAX PURPOSES ANY CROP COVERED UNDER A FEDERAL PROGRAM FOR REMOVING LAND FROM AGRICULTURAL PRODUCTION. (MOTION PASSED;2/3 REQUIRED)
Bill summary: (House agreed to Senate amendment with an amendment)
Payment-in-Kind Tax Treatment Act of 1983 - Amends the Internal Revenue Code to permit farmers who participate in a 1983 payment-in-kind program to treat commodities received under such program as income in the year of sale rather than in the year of receipt. Provides that farm land diverted under a 1983 payment-in-kind program shall be treated as used in a farming business for purposes of the estate tax special use valuation. Treats such
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income as farm income for all tax purposes including the social security tax. Limits such tax treatment to only those crops which would normally be harvested or planted on or before December 31, 1983.
Requires the Secretary of the Treasury to submit to the Congress by September 1, 1983, a study of the effects of the payment-in-kind program and its tax treatment.
Restricts eligibility for such treatment to those who own farm land as of February 23, 1983, or those who received such land through: (1) inheritance; (2) gift from a person who held such land as such date; or (3) gift or purchase from a family member who held such land as of such date.
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Bill titles: An act relating to the treatment for income and estate tax purposes of commodities received under 1983 payment-in-kind programs, and for other purposes.; A bill to amend the Internal Revenue Code of 1954 to allow any taxpayer to elect to treat for income tax purposes any crop received under a Federal program for removing land from agricultural production as produced by the taxpayer, to allow any taxpayer to elect to defer income on any cancellation under such a program of any price support loan, and to provide that participation in such a program shall not disqualify the taxpayer for the special use valuation of farm real property under section 2032A of such Code.
Original source documents: Digest of the Congressional Record vol. 27, p. 915;
Links for more info on the vote: congress.gov
