A bill to provide Federal tax treatment for payments under, and facilities idled by, the Milk Production Termination Program.

Provides that any payment received under a milk production termination program established by the Agricultural Act of 1949 shall be subject to taxation in the taxable year of actual receipt of such payment.

Provides that provisions of the Internal Revenue Code relating to the recapture of the investment tax credit shall not apply with respect to any facility which is subject to the provisions of a milk production termination program established by the Agricultural Act of 1949.