Heartland Investment and Rural Employment (HIRE) Act

Bill: 108-s-2761
Sponsor: Sen. Grassley, Chuck [R-IA]
Introduced: 2004-07-22 in the Senate
Policy area: Taxation
Subjects: Administrative procedure
Agricultural conservation
Agricultural cooperatives
Agriculture and Food
Alcoholic beverages
Aliens
Animals
Bank management
Capital
Capital gains tax
Charitable contributions
Commerce
Congress
Congressional reporting requirements
Construction costs
Cooperative societies
Corporation taxes
Dividends
Divorce
Droughts
Economics and Public Finance
Education
Elementary and secondary education
Emergency Management
Environmental Protection
Excise tax
Families
Family enterprises
Family farms
Farm income
Farmers
Federal advisory bodies
Finance and Financial Sector
Fishing boats
Food relief
Government Operations and Politics
Health
Home ownership
Horses
Housing and Community Development
Housing finance
Immigration
Income tax
Indian economic development
Indian education
Individual retirement accounts
Investment tax credit
Investments
Labor and Employment
Law
Legislation
Livestock
Losses
Marine and coastal resources, fisheries
Marketing of farm produce
Minimum tax
Minorities
Nursing homes
Postal service
Profit
Rent
Retail trade
Rural economic development
School buildings
Securities regulation
Small business
Social Welfare
Social security taxes
Stockholders
Stocks
Subsidiary corporations
Tax administration
Tax credits
Tax deductions
Tax deferral
Tax exclusion
Tax returns
Tax-exempt securities
Trusts and trustees
Water Resources Development
Wholesale trade

Summary:
action_date: 2004-07-22
text: 
Heartland Investment and Rural Employment (HIRE) Act - Amends the Internal Revenue Code to revise provisions relating to agricultural cooperatives (Subchapter T), including concerning marketing rules, declaratory judgment relief, treatment of dividends on cooperative stock, and apportionment of credits among patrons of such cooperatives. Establishes a Subchapter T Commission to study the provisions of such Subchapter and make recommendations for change.
 
Revises provisions relating to the self-employment income of farmers and other small business owners, including provisions relating to agricultural bonds, income averaging, involuntary conversions of livestock, and rules relating to Subchapter S corporations and subsidiaries.
 
Allows individuals (currently limited to C corporations) a tax deduction for charitable contributions of food.
 
Allows taxpayers engaged in a farming or commercial fishing business a tax deduction for contributions to a Farm, Fishing and Ranch Risk Management Account (FFARRM Account). 
 
Repeals occupational taxes on producers and marketers of alcoholic beverages. 
 
Enacts or amends provisions relating to investment in rural areas, allowing for a rural investment tax credit and a rural small business investment credit. Allows for the expansion of renewal community areas based on 2000 census data. 
 
Enacts or amends provisions relating to Indian tribal governments and reservations, including a new markets tax credit for Native American reservations, modifications of the authority of Indian tribal governments to issue tax-exempt bonds, and a tax credit for investment in tribal school modernization bonds.
 
Allows a tax credit for the purchase of a residence in rural areas, Indian reservations, or areas of chronic economic distress.


Legislative actions:
action_date: 2004-07-22
text: Read twice and referred to the Committee on Finance.
action_date: 2004-07-22
text: Introduced in Senate