Farm Disaster Tax Cut Act
Sponsored By: Senator Ossoff, Jon [D-GA]
Introduced
Summary
Temporary exclusion of crop insurance indemnity payments from taxable income. This bill would add a new Internal Revenue Code provision that excludes indemnity payments made under the Federal Crop Insurance Act from gross income for losses that occur after August 5, 2024 and through December 31, 2028.
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 1 benefits, 0 costs, 0 mixed.
Tax break for crop insurance payments
If enacted, farmers and agricultural producers would be able to exclude crop insurance indemnity payments made under the Federal Crop Insurance Act from their federal gross income. The exclusion would apply to payments for losses that occur after August 5, 2024. It would not apply to payments for losses that occur after December 31, 2028.
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