To exclude from gross income certain emergency assistance provided to farmers.

Bill: 118-hr-9837
Sponsor: full_name: Rep. Kelly, Trent [R-MS-1]
Introduced: 2024-09-25
Policy area: Emergency Management
Latest action: action_date: 2024-09-25
text: Referred to the House Committee on Ways and Means.

Summaries:

tv_txt: I 118th CONGRESS 2d Session H. R. 9837 IN THE HOUSE OF REPRESENTATIVES September 25, 2024 Mr. Kelly of Mississippi introduced the following bill; which was referred to the Committee on Ways and Means A BILL To exclude from gross income certain emergency assistance provided to farmers.

1. Exclusion from gross income of certain emergency agricultural assistance (a) In general Section 139 of the Internal Revenue Code of 1986 is amended by inserting after subsection (h) the following new subsection: (i) Certain agricultural assistance For purposes of this section, the term qualified disaster relief payment shall include any assistance received under any of the following: (1) Assistance received under the Wildfires and Hurricanes Indemnity Program Plus under subpart O of part 760 of title 7, Code of Federal Regulations. (2) Assistance received under section 1501 of the Agricultural Act of 2014 ( 7 U.S.C. 9081 ). (3) Noninsured crop assistance under section 196 of the Federal Agriculture Improvement and Reform Act of 1996 ( 7 U.S.C. 7333 ). (4) Assistance under title IV of the Agricultural Credit Act of 1978 ( 16 U.S.C. 2201 et seq. ). . (b) Effective date The amendments made by this section shall apply to taxable years beginning after December 31, 2023.