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Tax relief for farmers: financial aid without extra taxes.

This act aims to exclude certain financial assistance received by farmers and ranchers from their gross income for tax purposes. This means that money received through specific support programs will not be counted as taxable income, potentially improving their financial situation. Additionally, they will not lose any other deductions or tax benefits because of this exclusion.
Key points
Financial assistance for farmers will not be taxed as income.
Farmers will not lose other tax deductions or benefits due to receiving this aid.
For partnerships and S corporations, excluded amounts will be treated as tax-exempt income.
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Additional Information
Print number: 118_HR_5341
Sponsor: Rep. Adams, Alma S. [D-NC-12]
Process start date: 2023-09-05
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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 2023

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_5341.

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 2023-09-05.

What are the main provisions?

Key points include:

  • Financial assistance for farmers will not be taxed as income.
  • Farmers will not lose other tax deductions or benefits due to receiving this aid.
  • For partnerships and S corporations, excluded amounts will be treated as tax-exempt income.
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. Adams, Alma S. [D-NC-12].

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 2025-12-25.

CATEGORIES

Taxes Agriculture