A bill to amend the Internal Revenue Code of 1954 to eliminate tax shelter farm losses by limiting deduction attributable to farming.

States that tax deductions from income tax under the Internal Revenue Code attributable to farming shall not exceed: (1) gross farming income; and (2) in the case of an individual, the higher of $15,000 or the amount of special deductions for farming due to taxes, interest, losses from fire or storm, casualty, abandonment or theft, losses from drought, losses from sales and involuntary conversions; or (3) in the case of any other taxpayer, the amount of special deductions.

Limits a controlled group of corporations to the $15,000 amount, divided equally among them.

Allows a carryover of deductions, not allowed in one year, to succeeding years.