To amend the Internal Revenue Code of 1986 to allow farmers to income average.

Repeals specified provisions of the Tax Reform Act of 1986 that eliminated income averaging.

Amends the Internal Revenue Code to permit the use of income averaging by any person: (1) actively engaged in the trade or business of farming, including aquaculture; and (2) whose average annual gross income for the three preceding taxable years is at least 50 percent attributable to farming.