A bill to amend the Internal Revenue Code of 1986 to restore income averaging for qualified farmers.

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; and (2) whose gross receipts for each of the three preceding taxable years does not exceed $5,000,000.