H.R. 809 (100th): Tax Fairness for Farmers, Ranchers, and Small Businessmen Act of 1987

Introduced:
Jan 28, 1987 (100th Congress, 1987–1988)
Sponsor:
Rep. Virginia Smith [R-NE3]
Status:
Died (Referred to Committee)
See Instead:
This bill was re-introduced as H.R. 369 (101st) on Jan 03, 1989.

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 January 28, 1987, in a previous session of Congress, but was not enacted.

Progress
Introduced Jan 28, 1987
Cosponsors
22 cosponsors (14R, 8D) (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 restore fairness for farmers, ranchers, and small businessmen under the tax laws by restoring certain provisions changed by the Tax Reform Act of 1986, and for other purposes.

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.

1/28/1987--Introduced.
Tax Fairness for Farmers, Ranchers, and Small Businessmen Act of 1987 - Amends the Tax Reform Act of 1986 to repeal provisions which eliminated the use of income averaging. Specifies that the Internal Revenue Code shall be applied and administered as if such provisions had not been enacted. Increases the amount of the income tax deduction for health insurance premiums paid by self-employed individuals from 25 percent of such costs to 50 percent of such costs. Repeals requirements that farmers must capitalize preproductive costs. Denies the use of cash accounting for all corporations engaged in farm product processing with annual gross receipts in excess of $100,000,000. Allows farmers the full investment tax credit carry forward. (Present law requires a 35 percent reduction in the carry forward of such credit.) Allows a one-time exclusion of any gain realized from the sale or exchange of land used in the trade or business of farming.

House Republican Conference Summary

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House Democratic Caucus Summary

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