US HB1400 | 2017-2018 | 115th Congress
Status
Spectrum: Partisan Bill (Republican 6-0)
Status: Introduced on March 7 2017 - 25% progression, died in committee
Action: 2017-03-07 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on March 7 2017 - 25% progression, died in committee
Action: 2017-03-07 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]
Summary
FRAME Act of 2017 Farm Risk Abatement and Mitigation Election 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.
Title
FRAME Act of 2017 Farm Risk Abatement and Mitigation Election Act of 2017
Sponsors
Rep. Eric Crawford [R-AR] | Rep. Ralph Abraham [R-LA] | Rep. Steven Palazzo [R-MS] | Rep. Bruce Westerman [R-AR] |
Rep. French Hill [R-AR] | Rep. Drew Ferguson [R-GA] |
History
Date | Chamber | Action |
---|---|---|
2017-03-07 | House | Referred to the House Committee on Ways and Means. |
2017-03-07 | House | Introduced in House |
Subjects
Agricultural insurance
Agricultural prices, subsidies, credit
Bank accounts, deposits, capital
Business investment and capital
Income tax credits
Income tax deductions
Taxation
Agricultural prices, subsidies, credit
Bank accounts, deposits, capital
Business investment and capital
Income tax credits
Income tax deductions
Taxation
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/115th-congress/house-bill/1400/all-info |
Text | https://www.congress.gov/115/bills/hr1400/BILLS-115hr1400ih.pdf |