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Tax Relief for Young Agriculturists: Up to $5,000 Income Exemption

This act introduces a new tax benefit for young individuals involved in agriculture. It allows student agriculturists who sell agricultural products or related projects to exclude up to $5,000 of their annual gains from gross income. This aims to provide financial support to young people developing skills in this field.
Key points
Young agriculturists (under 22) from programs like FFA or 4-H can exclude certain gains from their income tax.
The tax exemption applies to gains up to $5,000 annually from selling livestock, crops, or agricultural mechanics projects.
These changes take effect for tax years beginning after the act's enactment, offering real savings for eligible students.
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Additional Information
Print number: 117_HR_3420
Sponsor: Rep. McCaul, Michael T. [R-TX-10]
Process start date: 2021-05-20
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Student Agriculture Protection Act of 2021

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_3420.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2021-05-20.

What are the main provisions?

Key points include:

  • Young agriculturists (under 22) from programs like FFA or 4-H can exclude certain gains from their income tax.
  • The tax exemption applies to gains up to $5,000 annually from selling livestock, crops, or agricultural mechanics projects.
  • These changes take effect for tax years beginning after the act's enactment, offering real savings for eligible students.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. McCaul, Michael T. [R-TX-10].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-28.

CATEGORIES

Taxes Agriculture Education