A bill to provide a credit against Federal income tax in an amount equal to the taxpayer's B-stock losses resulting from the failure of a production credit association.

Amends the Internal Revenue Code to allow certain taxpayers an election to take an income tax credit in an amount equal to the taxpayer's payment for B-stock which becomes or has become worthless due to the failure of a production credit association.

Defines "B-stock" as stock or participation certificates issued under the Farm Credit Act of 1971. Defines a "production credit association" as an association organized under specified provisions of the Farm Credit Act of 1971.