A bill to amend the Internal Revenue Code of 1986 to encourage the use of ethanol and the adoption of other forms of value-added agriculture, and for other purposes.
Authorizes the pro rata allocation of the small ethanol producer credit among patrons of a qualifying cooperative organization. Increases the size of a qualifying producer. Revises such credit respecting: (1) carryback and carryforward; (2) passive activity; (3) minimum tax; and (4) income inclusion addback.
Establishes a limited value-added agricultural property investment credit, which shall be available to: (1) a person who materially participates in an eligible farming business; or (2) an eligible farmer-owned entity. States that such credit shall not apply to property placed in service after December 31, 2007.
Introduced in Senate
Sponsor introductory remarks on measure. (CR S5121)
Read twice and referred to the Committee on Finance.
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