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S.2894

Rural America Prosperity Act of 2000 (Introduced in the Senate)

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


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