legislation: 98-s-2833

Congressional bills and resolutions from Congress.gov, filtered to policy areas relevant to environmental, health, agriculture, and wildlife regulation.

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bill_id congress bill_type bill_number title policy_area introduced_date latest_action_date latest_action_text origin_chamber sponsor_name sponsor_state sponsor_party sponsor_bioguide_id cosponsor_count summary_text update_date url
98-s-2833 98 s 2833 A bill to limit to the national median family income the amount of farm loss which may be deducted against nonfarm income by high income taxpayers in competition with full-time, family-sized farm operators. Taxation 1984-06-29 1984-07-10 Committee on Finance requested executive comment from OMB, Treasury Department, Agriculture Department. Senate Sen. Abdnor, James [R-SD] SD R A000009 4 Amends the Internal Revenue Code to limit the deductions of a taxpayer attributable to farming to the sum of: (1) the gross income of such taxpayer from the trade or business of farming for such taxable year, plus; (2) an amount equal to the national median family income for the previous year. Excludes from this tax-loss limitation those individuals, partnerships, or corporations which receive more taxable income from farm than non-farm sources in three out of the previous seven years. Provides that where the taxpayer engages in more than one trade or business of farming, all such trade or businesses shall be treated as a single trade or business. 2025-01-03T19:04:17Z  

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