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Tax Relief for Farmers: Financial Aid Without Extra Tax Burden

This act aims to simplify life for farmers and ranchers who received financial assistance from the government. Thanks to this law, these funds will not be included in their taxable income, meaning they won't have to pay taxes on them. This directly impacts their finances, leaving them with more resources for farm development.
Key points
Government financial assistance for farmers will not be taxed as income.
Farmers will not lose any tax deductions or benefits due to receiving this aid.
For partnerships and S corporations, the received aid will be treated as tax-exempt income, simplifying accounting.
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Additional Information
Print number: 117_S_5224
Sponsor: Sen. Booker, Cory A. [D-NJ]
Process start date: 2022-12-08
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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

Family Farmer and Rancher Tax Fairness Act of 2022

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_5224.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2022-12-08.

What are the main provisions?

Key points include:

  • Government financial assistance for farmers will not be taxed as income.
  • Farmers will not lose any tax deductions or benefits due to receiving this aid.
  • For partnerships and S corporations, the received aid will be treated as tax-exempt income, simplifying accounting.
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 Sen. Booker, Cory A. [D-NJ].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

CATEGORIES

Taxes Agriculture