(a) As used in this section, “agricultural disaster program” means a program that provides compensation to a cattle farmer or cattle rancher who has suffered a loss as the result of an emergency, a disaster, or declining market prices or value, including without limitation the following programs:(1) Livestock Forage Disaster Program;(2) Livestock Indemnity Program;(3) Emergency Assistance for Livestock, Honeybees, and Farm-Raised Fish;(4) Emergency Conservation Program;(5) Noninsured Crop Disaster Assistance Program;(6) Pasture, Rangeland, Forage Pilot Insurance Program;(7) Annual Forage pilot program;(8) Livestock Risk Protection insurance plan; and(9) Livestock Gross Margin insurance plan.
(1) Livestock Forage Disaster Program;
(2) Livestock Indemnity Program;
(3) Emergency Assistance for Livestock, Honeybees, and Farm-Raised Fish;
(4) Emergency Conservation Program;
(5) Noninsured Crop Disaster Assistance Program;
(6) Pasture, Rangeland, Forage Pilot Insurance Program;
(7) Annual Forage pilot program;
(8) Livestock Risk Protection insurance plan; and
(9) Livestock Gross Margin insurance plan.
(b) There is allowed an exemption from the income tax imposed by the Income Tax Act of 1929, § 26-51-101 et seq., for payments made to a cattle farmer or cattle rancher from an agricultural disaster program.
(c) Expenses for losses related to the receipt of a payment from an agricultural disaster program to a cattle farmer or cattle rancher are not deductible or otherwise permitted to offset any other income from the tax year in which the loss or expenses are incurred.