Summary

                            To amend the Internal Revenue Code of 1986 to authorize agricultural producers to establish and contribute to tax-exempt farm risk management accounts.

Introduced in House
Farm Risk Abatement and Mitigation Election Act of 2017 or the FRAME Act of 2017

This bill amends the Internal Revenue Code to: (1) establish tax-exempt farm
risk management accounts (FRAME accounts) and allow taxpayers actively engaged
in the business of farming or ranching to use distributions from such accounts
to protect the solvency of the farm to which the FRAME account relates and to
procure revenue or crop insurance; (2) allow a deduction from gross income for
cash contributions to such accounts; (3) specify minimum levels of contributions
to, and maximum levels of distributions from, such accounts; (4) set forth tax
rules relating to account distributions, excess contributions, and prohibited
transactions; and (5) allow a variable business-related tax credit for
contributions made to a FRAME account in the first nine years after such account
is established.



                        

Actions

  • Referred to the House Committee on Ways and Means.

    Mar 7th, 2017
  • Introduced in House

    Mar 7th, 2017
  • Introduced in House

    Mar 7th, 2017