A bill relating to the year for including in gross income under the Internal Revenue Code of 1954 the amount of certain loan payments made pursuant to the Agricultural Act of 1949.

Authorizes certain taxpayers who received crop production loans from the Commodity Credit Corporation for the 1978 corn crop on or before December 22, 1978, to elect to treat such loans, according to provisions of the Internal Revenue Code, as gross income in 1979.

Limits such election to borrowers who also received such loans for the 1977 corn crop during 1978, and who elected to treat such loans as gross income in the year in which they were received.