S. 2004 · 108th Congress
Protection of Family Farmers and Family Fisherman Act of 2003
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Never voted on. It didn't reach a floor vote before the 108th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
GrassleySponsor3 cosponsors · 3 D
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Protection of Family Farmers and Family Fishermen Act of 2003 - Amends the Federal bankruptcy code to reenact Chapter 12, Adjustment of Debts of a Family Farmer with Regular Annual Income (thus reinstating permanently family farmer bankruptcy relief).
What it does: CRS summary · Introduced in Senate · Dec 9, 2003
Cites circumstances under which the claim of a governmental unit that arises from the disposition of a farm asset used in the debtor's farming operation shall be treated as an unsecured claim not entitled to priority.
Increases from $1.5 million to $3.237 million the maximum aggregate debt that permits a farming operation to qualify as a family farming operation for debt adjustment purposes. Decreases from 80 percent to 50 percent the minimum percentage of aggregate, noncontingent liquidated debts arising out of such a farming operation.
Modifies the requirement that a family farmer and spouse receive over 50 percent of income from farming operations in the year before a bankruptcy petition is filed. Allows the family farmer to meet the over-50-percent requirement in either the preceding taxable year or each of the second and third preceding taxable years.
Prohibits: (1) retroactive assessment of disposable income; and (2) post-confirmation modification of a bankruptcy plan that would increase the amount of payments that were due before such modification. Requires debtor's consent for post-confirmation increase in payments.
Extends Chapter 12 coverage to family fishermen whose aggregate debts do not exceed $1.5 million, of which at least 80 percent of aggregate noncontingent, liquidated debts arise out of a commercial fishing operation.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Protection of Family Farmers and Family Fisherman Act of 2003
Latest action (Dec 9, 2003): Read twice and referred to the Committee on the Judiciary.
Policy area: Finance and Financial Sector · Origin: Senate · Introduced: Dec 9, 2003
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.