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119-s-4502119th CongressWALLET
Farm Disaster Tax Cut Act
Sponsored By: Senator Ossoff, Jon [D-GA]
Introduced
Summary
Excludes crop insurance indemnity payments from gross income for eligible losses. This bill would add a new section, 139M, to the tax code to say crop insurance payouts under the Federal Crop Insurance Act are not included in gross income. The exclusion would apply to payments for losses that occur after August 5, 2024 and would not apply to payments for losses that occur after December 31, 2028. The bill also inserts a clerical entry in the code and is titled the Farm Disaster Tax Cut Act.
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 1 benefits, 0 costs, 0 mixed.
Tax break for crop insurance payments
This bill would let insured farmers and farm businesses exclude crop insurance indemnity payments from their gross income when the payment is for a loss that occurs after August 5, 2024. The exclusion would stop applying to payments for losses that occur after December 31, 2028. The payments must be made under the Federal Crop Insurance Act to qualify. If enacted, this would lower taxable income and reduce federal income tax bills for eligible farm households and small farm businesses during that period.
Sponsors & CoSponsors
Sponsor
Ossoff, Jon [D-GA]
GA • D
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
No roll call votes available for this bill.
View on Congress.gov