H.R. 5990 (112th): Farm Tax Parity Act

112^th Congress, 2011–2013. Text as of Jun 21, 2012 (Introduced).

HR 5990 IH

112th CONGRESS

2d Session

H. R. 5990

To amend the Internal Revenue Code of 1986 to exclude certain farm rental income from net earnings from self-employment if the taxpayer enters into a lease agreement relating to such income.

IN THE HOUSE OF REPRESENTATIVES

June 21, 2012

Mr. SCHOCK (for himself, Mr. YODER, Mr. GUTHRIE, and Mr. SCHILLING) introduced the following bill; which was referred to the Committee on Ways and Means

A BILL

To amend the Internal Revenue Code of 1986 to exclude certain farm rental income from net earnings from self-employment if the taxpayer enters into a lease agreement relating to such income.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the ‘Farm Tax Parity Act’.

SEC. 2. LEASE AGREEMENT RELATING TO EXCLUSION OF CERTAIN FARM RENTAL INCOME FROM NET EARNINGS FROM SELF-EMPLOYMENT.

(a) Internal Revenue Code- Section 1402(a)(1)(A) of the Internal Revenue Code of 1986 (relating to net earnings from self-employment) is amended by striking ‘an arrangement’ and inserting ‘a lease agreement’.

(b) Social Security Act- Section 211(a)(1)(A) of the Social Security Act is amended by striking ‘an arrangement’ and inserting ‘a lease agreement’.