S4502
Referred to committee
Farm Disaster Tax Cut Act
- Federal
- Senate
- Introduced May 12, 2026
- Session 119
Bill Text
Version ISThis Act may be cited as the Farm Disaster Tax Cut Act.
Part III of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after section 139L the following new section:
Gross income shall not include any crop insurance indemnity payment made pursuant to the Federal Crop Insurance Act (7 U.S.C. 1501 et seq.).
This section shall not apply to any payment for losses which occur after December 31, 2028.
The table of sections for part III of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after the item relating to section 139L the following new item:
The amendments made by this section shall apply to payments for losses which occur after August 5, 2024.
Part III of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after section 139L the following new section:
Gross income shall not include any crop insurance indemnity payment made pursuant to the Federal Crop Insurance Act (7 U.S.C. 1501 et seq.).
This section shall not apply to any payment for losses which occur after December 31, 2028.
The table of sections for part III of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after the item relating to section 139L the following new item:
The amendments made by this section shall apply to payments for losses which occur after August 5, 2024.
Legislative Timeline
2 actions-
Introduced in Senate
-
Read twice and referred to the Committee on Finance.