S. 2167, The Farm Savings Account Act of 2007

• This item is from the 110th Congress (2007-2008) and is no longer current. Comments, voting, and wiki editing have been disabled, and the cost/savings estimate has been frozen.

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S. 2167 would amend the Internal Revenue Code of 1986 to authorize agricultural producers to establish and contribute to tax-exempt farm savings accounts in lieu of obtaining federally subsidized crop insurance or noninsured crop assistance, it would provide for contributions to such accounts by the Secretary of Agriculture, it would specify the situations in which amounts may be paid to producers from such accounts, and it would limit the total amount of such distributions to a producer during a taxable year.

Detailed Summary

Farm Savings Account Act of 2007 - Amends the Internal Revenue Code to: (1) establish tax-exempt farm savings accounts to allow taxpayers engaged in the business of farming or ranching to use distributions from such accounts to offset operational losses in lieu of receiving, after a specified transitional period, federal subsidies to purchase crop insurance; (2) allow a tax deduction for cash contributions to such accounts; (3) specify minimum levels of contributions to, and maximum levels of distributions from, such accounts; (4) require the Secretary of Agriculture to make matching contributions to such accounts; and (5) set forth tax rules relating to account distributions, excess contributions, and prohibited transactions.

Status of the Legislation

Latest Major Action: 10/16/2007: Referred to Senate committee. Status: Read twice and referred to the Committee on Finance.

Points in Favor

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Points Against

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