H.R. 369 (101st): Tax Fairness for Farmers, Ranchers, and Small Businessmen Act of 1989

Introduced:
Jan 03, 1989 (101st Congress, 1989–1990)
Sponsor:
Rep. Virginia Smith [R-NE3]
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 January 3, 1989, in a previous session of Congress, but was not enacted.

Progress
Introduced Jan 03, 1989
Cosponsors
20 cosponsors (13R, 7D) (show)
Committees

House Ways and Means

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

Full Title

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

No summaries available.

Text

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Primary Source

View on THOMAS (The Library of Congress)

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Citation

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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.

1/3/1989--Introduced.
Tax Fairness for Farmers, Ranchers, and Small Businessmen Act of 1989 - Amends estate tax provisions of the Internal Revenue Code to exempt from recapture any use valuation benefits of a qualified heir who rents the property to another qualified heir on a net cash basis. Applies this provision retroactively in connection with the estates of decedents dying after 1976. Repeals provisions of the Tax Reform Act of 1986 that eliminated income averaging. Increases from 25 percent to 50 percent the allowable income tax deduction for the health insurance costs of self-employed individuals and makes the deduction permanent (under current law it will expire after tax year 1989). Allows a one-time exclusion from gross income of up to $125,000 of gain realized by a farmer from the sale or exchange of land used for farming or ranching during the ten-year period preceding the sale. Permits a full investment tax credit carryforward to certain farmers (current law requires a 35 percent reduction).

House Republican Conference Summary

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No summary available.

House Democratic Caucus Summary

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