What is the official ID of this bill?
The official print number for this legislation is S 93.
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.
Status:
Expired
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