A bill to amend the Internal Revenue Code of 1954 to allow any taxpayer to elect to treat for income tax purposes any crop received under a Federal program for removing land from agricultural production as produced by the taxpayer, to allow any taxpayer to elect to defer income on any cancellation under such a program of any price support loan, and to provide that participation in such a program shall not disqualify the taxpayer for the special use valuation of farm real property under section 2032A of such Code.
Payment-in-Kind Tax Treatment Act of 1983 - Amends the Internal Revenue Code to permit farmers who participate in a 1983 payment-in-kind program to treat commodities received under such program as income in the year of sale rather than in the year of receipt. Provides that farm land diverted under a 1983 payment-in-kind program shall be treated as used in a farming business for purposes of the estate tax special use valuation. Treats such income as farm income for all tax purposes including the social security tax. Limits such tax treatment to only those crops which would normally be harvested or planted on or before December 31, 1983.
Requires the Secretary of the Treasury to submit to the Congress by September 1, 1983, a study of the effects of the payment-in-kind program and its tax treatment.
Restricts eligibility for such treatment to those who own farm land as of February 23, 1983, or those who received such land through: (1) inheritance; (2) gift from a person who held such land as such date; or (3) gift or purchase from a family member who held such land as of such date.
Indefinitely postponed by Senate by Unanimous Consent.
Subcommittee on Oversight of the IRS. Hearings held. Hearings printed: S.Hrg. 98-128.
Reported to House (Amended) by House Committee on Ways and Means. Report No: 98-14.
Reported to House (Amended) by House Committee on Ways and Means. Report No: 98-14.
Placed on Union Calendar No: 9.
Called up by House Under Suspension of Rules.
Passed/agreed to in House: Passed House (Amended) by Yea-Nay Vote: 401 - 1 (Record Vote No: 21).
Roll Call #21 (House)Passed House (Amended) by Yea-Nay Vote: 401 - 1 (Record Vote No: 21).
Roll Call #21 (House)Received in the Senate, read twice and laid before the Senate.
Passed/agreed to in Senate: Passed Senate in lieu of S. 690 with an amendment by Voice Vote.
Passed Senate in lieu of S. 690 with an amendment by Voice Vote.
Resolving differences -- House actions: House agreed to Senate Amendments with an Amendment by Unanimous Consent.
House agreed to Senate Amendments with an Amendment by Unanimous Consent.
Enacted as Public Law 98-4
checking server…
Ask anything about this bill. The AI reads the full text to answer.
Enter to send · Shift+Enter for new line
Resolving differences -- Senate actions: Senate agreed to the House amendment to the Senate amendment. By Voice Vote.
Senate agreed to the House amendment to the Senate amendment. By Voice Vote.
Measure Signed in Senate.
Presented to President.
Presented to President.
Signed by President.
Signed by President.
Became Public Law No: 98-4.
Became Public Law No: 98-4.