H.R. 3903 (100th): Family Farm Tax Accounting Relief Act of 1988

Introduced:
Feb 03, 1988 (100th Congress, 1987–1988)
Sponsor:
Rep. Toby Roth [R-WI8]
Status:
Died (Referred to Committee)

The bill’s title was written by the bill’s sponsor. H.R. stands for House of Representatives bill.

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Status

This bill was introduced on February 3, 1988, in a previous session of Congress, but was not enacted.

Progress
Introduced Feb 03, 1988
Cosponsors
11 cosponsors (7R, 4D) (show)
Committees

House Ways and Means

The committee chair determines whether a bill will move past the committee stage.

Full Title

A bill to amend the Internal Revenue Code of 1986 to exempt farmers from the requirement to capitalize preproductive costs, and to require farmers with large farming operations to use an accrual method of accounting.

Summary

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Text

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Primary Source

View on THOMAS (The Library of Congress)

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

2/3/1988--Introduced.
Family Farm Tax Accounting Relief Act of 1988 - Amends the Internal Revenue Code to exempt from the required application of uniform inventory cost capitalization rules any animal produced in a farming business, regardless of the animal's preproductive period. Permits an exception from required use of the accrual method of accounting for family farm corporations having gross receipts of $5,000,000 or less for each prior taxable year after 1985.

House Republican Conference Summary

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No summary available.

House Democratic Caucus Summary

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