S 2894 IS

106th CONGRESS

2d Session

S. 2894

To provide tax and regulatory relief for farmers and to improve the competitiveness of American agricultural commodities and products in global markets.

IN THE SENATE OF THE UNITED STATES

July 19, 2000

Mr. LUGAR (for himself, Mr. ROBERTS, Mr. BURNS, and Mr. SANTORUM) introduced the following bill; which was read twice and referred to the Committee on Finance


A BILL

To provide tax and regulatory relief for farmers and to improve the competitiveness of American agricultural commodities and products in global markets.

SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

TITLE I--TAX RELIEF FOR FARMERS

Subtitle A--General Tax Provisions

Subtitle B--Estate and Gift Tax Relief

TITLE II--STUDY OF COSTS OF REGULATIONS ON FARMERS, RANCHERS, AND FORESTERS

TITLE III--EXTENSION OF TRADE AUTHORITIES PROCEDURES FOR RECIPROCAL TRADE AGREEMENTS

TITLE IV--AGRICULTURAL TRADE FREEDOM

TITLE I--TAX RELIEF FOR FARMERS

Subtitle A--General Tax Provisions

SEC. 101. DEDUCTION FOR 100 PERCENT OF HEALTH INSURANCE COSTS OF SELF-EMPLOYED INDIVIDUALS.

SEC. 102. EXCLUSION OF GAIN FROM SALE OF FARMLAND.

`SEC. 121A. EXCLUSION OF GAIN FROM SALE OF QUALIFIED FARM PROPERTY.

`Sec. 121A. Exclusion of gain from sale of qualified farm property.'

SEC. 103. INCOME AVERAGING FOR FARMERS NOT TO INCREASE ALTERNATIVE MINIMUM TAX LIABILITY.

SEC. 104. FARM AND RANCH RISK MANAGEMENT ACCOUNTS.

`SEC. 468C. FARM AND RANCH RISK MANAGEMENT ACCOUNTS.

`SEC. 4973. EXCESS CONTRIBUTIONS TO CERTAIN ACCOUNTS, ANNUITIES, ETC.'.

`Sec. 4973. Excess contributions to certain accounts, annuities, etc.'.

`Sec. 468C. Farm and Ranch Risk Management Accounts.'.

Subtitle B--Estate and Gift Tax Relief

SEC. 111. REPEAL OF ESTATE, GIFT, AND GENERATION-SKIPPING TAXES.

SEC. 112. TERMINATION OF STEP UP IN BASIS AT DEATH.

SEC. 113. CARRYOVER BASIS AT DEATH.

`SEC. 1022. CARRYOVER BASIS FOR CERTAIN PROPERTY ACQUIRED FROM A DECEDENT DYING AFTER DECEMBER 31, 2009.

`Sec. 1022. Carryover basis for certain property acquired from a decedent dying after December 31, 2009.'.

SEC. 114. ADDITIONAL REDUCTIONS OF ESTATE AND GIFT TAX RATES.

`Over $2,500,000


$1,025,800, plus 50% of the excess over $2,500,000.'.

--The number of

`For calendar year:

--percentage points is:

--1.0

--2.0

--3.0

--4.0

--5.5

--7.5

--9.5.

SEC. 115. UNIFIED CREDIT AGAINST ESTATE AND GIFT TAXES REPLACED WITH UNIFIED EXEMPTION AMOUNT.

`In the case of

--The exemption

calendar year:

--amount is:

2001

--$675,000

2002 and 2003

--$700,000

2004

--$850,000

2005

--$950,000

2006 or thereafter

--$1,000,000.

treated as situated in the United States if such property is exempt from the tax imposed by this subchapter under any treaty obligation of the United States.

SEC. 116. DEEMED ALLOCATION OF GST EXEMPTION TO LIFETIME TRANSFERS TO TRUSTS; RETROACTIVE ALLOCATIONS.

unitrust (within the meaning of section 664(d)); or

SEC. 117. SEVERING OF TRUSTS.

SEC. 118. MODIFICATION OF CERTAIN VALUATION RULES.

transfer or is deemed to be made under section 2632 (b)(1) or (c)(1)--

SEC. 119. RELIEF PROVISIONS.

SEC. 120. EXPANSION OF ESTATE TAX RULE FOR CONSERVATION EASEMENTS.

TITLE II--STUDY OF COSTS OF REGULATIONS ON FARMERS, RANCHERS, AND FORESTERS

SEC. 201. DEFINITIONS.

SEC. 202. COMPTROLLER GENERAL STUDY OF REGULATIONS.

SEC. 203. RESPONSE OF SECRETARY OF AGRICULTURE.

TITLE III--EXTENSION OF TRADE AUTHORITIES PROCEDURES FOR RECIPROCAL TRADE AGREEMENTS

SEC. 301. SHORT TITLE.

SEC. 302. TRADE NEGOTIATING OBJECTIVES.

SEC. 303. TRADE AGREEMENTS AUTHORITY.

SEC. 304. CONSULTATIONS.

SEC. 305. IMPLEMENTATION OF TRADE AGREEMENTS.

purposes, policies, and objectives of this title;

SEC. 306. TREATMENT OF CERTAIN TRADE AGREEMENTS.

SEC. 307. CONFORMING AMENDMENTS.

SEC. 308. DEFINITIONS.

TITLE IV--AGRICULTURAL TRADE FREEDOM

SEC. 401. SHORT TITLE.

SEC. 402. DEFINITIONS.

SEC. 403. AGRICULTURAL COMMODITIES, LIVESTOCK, AND PRODUCTS EXEMPT FROM UNILATERAL AGRICULTURAL SANCTIONS.

`SEC. 418. AGRICULTURAL COMMODITIES, LIVESTOCK, AND PRODUCTS EXEMPT FROM UNILATERAL AGRICULTURAL SANCTIONS.

export sales of a United States agricultural commodity;

SEC. 404. SALE OR BARTER OF FOOD ASSISTANCE.

END