An original bill to amend the Internal Revenue Code of 1954 with respect to diversions of farmland under programs operated by the Department of Agriculture.
Agricultural Land Diversion Tax Treatment Act of 1983 - Amends the Internal Revenue Code to permit farmers who participate in a 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. Treats such income as farm income for all tax purposes including the Social Security Act.
Provides that farm land diverted from production under a qualified diversion program shall be treated as used in a farming business for purposes of the estate tax special use valuation. Defines "qualified diversion program."
Specifies that farmers' cooperatives shall not forfeit tax- exempt status by the marketing of commodities received under a payment-in-kind program.
Became Public Law No: 98-4.
Committee on Finance ordered to be reported an original measure.
Introduced in Senate
Committee on Finance. Original measure reported to Senate by Senator Dole under the authority of the order of Mar 3, 83. Without written report.
Committee on Finance. Original measure reported to Senate by Senator Dole under the authority of the order of Mar 3, 83. Without written report.
Placed on Senate Legislative Calendar under Regular Orders. Calendar No. 34.
Other measure H.R. 1296 passed in Senate affecting measure.
Indefinitely postponed by Senate by Unanimous Consent.
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