Family Investment and Rural Savings Tax Act

TABLE OF CONTENTS:

Title I: Reduction in Individual Capital Gains Tax Rates

Title II: Tax Incentives for Farmers

Family Investment and Rural Savings Tax Act - Title I: Reduction in Individual Capital Gains Tax Rates - Amends the Internal Revenue Code to reduce individual capital gains tax rates.

Title II: Tax Incentives for Farmers - Amends the Internal Revenue Code to permit an eligible farmer or rancher to establish a Farm and Ranch Risk Management Account (FARRM Account). States that: (1) up to 20 percent of farm-derived income may be deposited as an annual income deduction; and (2) deferred amounts shall be taxed upon withdrawal without penalty if distributed within five years.

Amends the Taxpayer Relief of 1997 to permanently extend income averaging for farmers.