Farmer Tax Relief Act of 1999

Farmer Tax Relief Act of 1999 - Amends the Internal Revenue Code to permit an individual engaged in an eligible farming business a limited deduction for amounts paid into a Farm and Ranch Risk Management Account which is defined as a trust, meeting specified requirements, created for the exclusive benefit of such individual .

Sets forth various tax incentives for farmers and small businesses, including: (1) an increased deduction for health insurance of the self-employed; (2) an increased estate and gift tax credit; and (3) the exemption of certain unincorporated farm income from the alternative minimum tax.

Amends the Consolidated Farm and Rural Development Act, the Federal Agricultural Improvement and Reform Act of 1996, and the Rural Development Act of 1972 to, respectively: (1) give priority to projects that encourage the creation of farmer-owned facilities that process value-added agricultural products; (2) permit the use of funds from the Fund for Rural America to provide technical assistance for any authorized rural development activity; and (3) permit extension programs to provide specified education and technical assistance to small- and medium-sized farmers.