S. 2456 · 108th Congress
Emergency Agricultural Disaster Assistance Act of 2004
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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.
D
BaucusSponsorNo cosponsors.
Emergency Agricultural Disaster Assistance Act of 2004 - Directs the Secretary of Agriculture to provide: (1) emergency financial assistance to agricultural producers who have incurred qualifying 2003 and/or 2004 crop losses due to weather or related conditions; and (2) payments to livestock producers who have incurred 2003 and/or 2004 losses in an…
What it does: CRS summary · Introduced in Senate · May 20, 2004
Emergency Agricultural Disaster Assistance Act of 2004 - Directs the Secretary of Agriculture to provide: (1) emergency financial assistance to agricultural producers who have incurred qualifying 2003 and/or 2004 crop losses due to weather or related conditions; and (2) payments to livestock producers who have incurred 2003 and/or 2004 losses in an emergency-designated county, with set-asides for the American Indian livestock program.
Amends the Internal Revenue Code with respect to involuntary conversion rules to: (1) permit the replacement of livestock with other farm property in the case of drought, flood, or other weather-related conditions (such provision currently applies only to cases of soil or other environmental contamination); and (2) extend the replacement period for livestock sold on account of weather related conditions.
Allows an individual engaged in an eligible farming or commercial fishing business a deduction for any taxable year of up to 20 percent of taxable income attributable to the eligible farming or commercial fishing business paid in cash by the taxpayer to a Farm and Ranch Risk Management Account (FFARRM Account). Includes non-exempt FFARRM distributions in the taxpayer's gross income, and subjects to a special ten percent surtax distributions not made within five years of contribution. Prohibits FFARRM distributions from being used to overcapitalize any fishery. Establishes a tax on excess contributions, but exempts the taxpayer from the tax on certain prohibited transactions.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Emergency Agricultural Disaster Assistance Act of 2004
Latest action (May 20, 2004): Read twice and referred to the Committee on Finance.
Policy area: Agriculture and Food · Origin: Senate · Introduced: May 20, 2004
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.