This bill was included as part of the Fiscal Year 1999 Omnibus Appropriations Act. Tax and Regulatory Relief Taxes and regulatory compliance represent an extraordinarily high percentage of producers total costs of production. Reduction of these costs will add directly to the producers bottom line and provide even greater freedom to operate so as to compete in an ever changing world market. H.R. 8 would phase out the federal estate tax over a period of ten years while H.R. 86 would outright eliminate the federal estate, gift, and generation-skipping transfer taxes. Deposits can be held in the account for five years and distributions of principal will be taxed as ordinary income in the year of distribution.
Interest is distributed at least annually and taxed as ordinary income.
This bill allows a federal income tax deduction for 100 percent of health insurance costs for self-employed individuals. Through research, the tools and practices needed to ensure the viability of American agriculture are identified. Through technological development, these tools are improved. Through education, these tools and practices then are taught to current and future generations. Through extension, these tools and practices are provided to producers in an effort to enhance their operations and help keep families on the farm and small town economies operating.