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Tax Relief for Farmers: Federal Assistance Payments Excluded from Income.

This bill ensures that specific financial assistance and debt relief payments previously provided to family farmers and ranchers by the federal government are not counted as taxable gross income. This change allows recipients to keep the full value of the aid without incurring federal income tax liability. The legislation aims to provide tax fairness and maximize the benefit of existing support programs for agricultural producers.
Key points
Specific federal assistance payments received by farmers and ranchers (related to certain 2021 relief acts) are exempt from federal income tax.
Receiving this tax-exempt income will not result in the denial of other business deductions or the reduction of asset basis, protecting other financial benefits.
Special provisions ensure that partners in partnerships and shareholders in S corporations also fully benefit from this tax exclusion.
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Additional Information
Print number: 118_S_93
Sponsor: Sen. Booker, Cory A. [D-NJ]
Process start date: 2023-01-26
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-flash-latest
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_S_93.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2023-01-26.

What are the main provisions?

Key points include:

  • Specific federal assistance payments received by farmers and ranchers (related to certain 2021 relief acts) are exempt from federal income tax.
  • Receiving this tax-exempt income will not result in the denial of other business deductions or the reduction of asset basis, protecting other financial benefits.
  • Special provisions ensure that partners in partnerships and shareholders in S corporations also fully benefit from this tax exclusion.
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 2025-12-27.

CATEGORIES

Taxes Agriculture