Student Agriculture Protection Act of 2015

Bill: 114-hr-3255
Sponsor: full_name: Rep. McCaul, Michael T. [R-TX-10]
Introduced: 2015-07-28
Policy area: Taxation
Subjects: Agricultural education

Income tax exclusion

Livestock
Latest action: action_date: 2015-07-28
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2015-07-28
action_desc: Introduced in House
text: <p><strong>Student Agriculture Protection Act of 2015</strong></p> <p>This bill amends the Internal Revenue Code to exclude from the gross income of a student farmer&nbsp;gain from the sale or exchange of personal property,&nbsp;including livestock, &nbsp;produced by&nbsp;such student farmer. The bill defines "student farmer" as an individual who has not attained age 18 and who is enrolled in a program established by Future Farmers of America or in a 4-H club. </p>

tv_txt: I 114th CONGRESS 1st Session H. R. 3255 IN THE HOUSE OF REPRESENTATIVES July 28, 2015 Mr. McCaul (for himself, Mr. Cuellar , and Mr. Conaway ) introduced the following bill; which was referred to the Committee on Ways and Means A BILL To amend the Internal Revenue Code of 1986 to exclude from gross income certain amounts realized on the disposition of property raised or produced by a student farmer, and for other purposes.

1. Short title This Act may be cited as the Student Agriculture Protection Act of 2015 . 2. Exclusion of certain gain by student farmers from gross income (a) In general Part III of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after section 139E the following new section: 139F. Gain from property produced or raised by a student farmer (a) In general In the case of a student farmer, gross income shall not include so much of the gains from qualified dispositions for the taxable year as does not exceed $5,000. (b) Definitions For the purposes of this section— (1) Student farmer The term student farmer means an individual who has not attained age 18, and who is— (A) enrolled in a program established by Future Farmers of America, or (B) enrolled in a 4–H club. (2) Qualified disposition and qualified property (A) The term qualified disposition means a sale or exchange by or on behalf of a person who is a student farmer at the time of the sale or exchange— (i) of qualified property produced or raised by that student farmer, and (ii) that occurs during an activity of a type described in subparagraph (2)(B) or (3)(B) of section 513(d). (B) The term qualified property means personal property, including livestock, produced or raised by a student farmer under the supervision of a program described in subparagraph (A) or (B) of paragraph (1). . (b) Conforming amendment The table of sections for part III of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after the item relating to section 139E the following new item: Sec. 139F. Certain gain by student farmers . (c) Effective date The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.