A bill to extend the period for filing a claim for credit or refund of Federal income taxes with respect to certain changes made by the Consolidated Omnibus Budget Reconciliation Act of 1985 with respect to insolvent farmers.

Amends the Consolidated Omnibus Budget Reconciliation Act of 1985 to allow an extension of time for the filing of claims for credit or refund of Federal income taxes for insolvent farmers who were exempted by such Act from the alternative minimum tax on capital gains realized on the transfer or sale of farmland under threat of foreclosure or in cancellation of indebtedness.