H.R. 1400 · 115th Congress
FRAME Act of 2017
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Never voted on. It didn't reach a floor vote before the 115th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
CrawfordSponsor5 cosponsors · 5 R
4 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Farm Risk Abatement and Mitigation Election Act of 2017 or the FRAME Act of 201 7
What it does: CRS summary · Introduced in House · Mar 7, 2017
Farm Risk Abatement and Mitigation Election Act of 2017 or the FRAME 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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: FRAME Act of 2017
Also known as: Farm Risk Abatement and Mitigation Election Act of 2017
Latest action (Mar 7, 2017): Referred to the House Committee on Ways and Means.
Policy area: Taxation · Origin: House · Introduced: Mar 7, 2017
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.