In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.

Example Input: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Rural Law Enforcement Assistance Act 
of 1999''.

SEC. 2. FUNDING TO NATIONAL CENTER FOR RURAL LAW ENFORCEMENT.

    (a) Funding Authority.--The Attorney General shall provide funds, 
subject to appropriations, to the National Center for Rural Law 
Enforcement if the Executive Director of the Center certifies, in 
writing, to the Attorney General that the Center--
            (1) is incorporated in accordance with applicable State 
        laws;
            (2) is in compliance with the by-laws of the Center;
            (3) shall use amounts made available under this section in 
        accordance with subsection (b); and
            (4) shall not support any political party or candidate for 
        elected or appointed office.
    (b) Uses of Funds.--
            (1) Required uses of funds.--The Center shall use funds 
        made available under this section to develop an educational 
        program for employees of law enforcement agencies serving rural 
        areas which shall include--
                    (A) the development and delivery of management 
                education and training, technical assistance, practical 
                research and evaluation, and computer and forensic 
                education and training for employees of law enforcement 
                agencies serving rural areas, tribal law enforcement 
                employees and railroad law enforcement employees, 
                including supervisory and executive managers of those 
                agencies;
                    (B) conducting research into the causes and 
                prevention of criminal activity in rural areas, 
                including the causes, assessment, evaluation, analysis, 
                and prevention of criminal activity;
                    (C) the development and dissemination of 
                information designed to assist States and units of 
                local government in rural areas throughout the United 
                States;
                    (D) the establishment and maintenance of a resource 
                and information center for the collection, preparation, 
                and dissemination of information regarding criminal 
                justice and law enforcement in rural areas, including 
                programs for the prevention of crime and recidivism; 
                and
                    (E) the delivery of assistance, in a consulting 
                capacity, to criminal justice agencies in the 
                development, establishment, maintenance, and 
                coordination of programs, facilities and services, 
                training, and research relating to crime in rural 
                areas.
            (2) Permissive uses of funds.--The Center may use funds 
        made available under this section to enhance the educational 
        program developed under paragraph (1), through--
                    (A) educational opportunities for rural law 
                enforcement agencies;
                    (B) the development, promotion, and voluntary 
                adoption of educational and training standards and 
                accreditation certification programs for law 
                enforcement agencies serving rural areas and the 
                employees of those agencies;
                    (C) grants to, and contracts with, State, and local 
                governments, law enforcement agencies, public and 
                private agencies, educational institutions, and other 
                organizations and individuals to carry out this 
                paragraph;
                    (D) the formulation and recommendation of law 
                enforcement policy, goals, and standards in rural areas 
                applicable to criminal justice agencies, organizations, 
                institutions, and personnel; and
                    (E) coordination with institutions of higher 
                education for the purpose of encouraging programs of 
                study for law enforcement in rural areas at such 
                institutions.
    (c) Powers.--In carrying out subsection (b), the Executive Director 
may--
            (1) request the head of any Federal department or agency to 
        detail, on a reimbursable basis, any of the personnel of that 
        department or agency to the Center to assist it in carrying out 
        its duties under this Act;
            (2) request the Administrator of the General Services 
        Administration to provide the Center, on a reimbursable basis, 
        the administrative support services necessary for the Center to 
        carry out its responsibilities under this Act; and
            (3) procure temporary and intermittent services under 
        section 3109(b) of title 5, United States Code, at rates of 
        compensation established by the Board, but not to exceed the 
        daily equivalent of the maximum rate of pay payable for a 
        position at level IV of the Executive Schedule under section 
        5315 of title 5, United States Code.
    (d) Travel Expenses.--For purposes of official travel, expenses 
shall be reimbursed, including per diem in lieu of subsistence, in the 
same manner as such expenses are permitted under sections 5702 and 5703 
of title 5, United States Code.
    (e) Reporting Requirements.--The Center shall submit an annual 
report to the Attorney General that includes--
            (1) a description of the education and training program 
        conducted by the Center;
            (2) the number and demographic representation of 
        individuals who attended programs sponsored by the Center;
            (3) a description of the extent resources of other 
        governmental agencies or private entities were used; and
            (5) a description of the extent contracts with other public 
        and private resources were used.
    (f) Definitions.--For purposes of this Act:
            (1) The term ``Board'' means the members of the Board of 
        the Center as elected according to its bylaws.
            (2) The term ``Center'' means the National Center for Rural 
        Law Enforcement, a nonprofit corporation located in Little 
        Rock, Arkansas.
            (3) The term ``Executive Director'' means the Executive 
        Director of the Center as appointed according to the bylaws of 
        the Center.
            (4) The term ``metropolitan statistical area'' has the same 
        meaning given such term by the Bureau of the Census.
            (5) The term ``rural law enforcement agency'' means a law 
        enforcement agency that serves a city, town, township, borough, 
        or village outside a metropolitan statistical area.
    (g) Authorization of Appropriations.--There are authorized to be 
appropriated to carry out this section--
            (1) $22,000,000 for fiscal year 2000; and
            (2) such sums as may be necessary for each of fiscal years 
        2001 through 2005.
Example Output: Rural Law Enforcement Assistance Act of 1999 - Directs the Attorney General to provide funds to the National Center for Rural Law Enforcement if the Center's Executive Director certifies in writing that the Center: (1) is incorporated in accordance with applicable State laws; (2) is in compliance with its by-laws; (3) shall use amounts made available in accordance with requirements of this Act; and (4) shall not support any political party or candidate for elected or appointed office. 
Requires the Center to use such funds to develop an educational program for employees of law enforcement agencies serving rural areas for specified purposes, including: (1) the development and delivery of management education and training for employees of law enforcement agencies serving rural areas; and (2) the delivery of assistance (in a consulting capacity) to criminal justice agencies in the development and coordination of programs, training, and research relating to crime in rural areas. 
Permits the Center to use such funds to enhance that educational program through specified means, including: (1) educational opportunities for rural law enforcement agencies; and (2) coordination with institutions of higher education to encourage programs of study for law enforcement in rural areas at such institutions. 
Sets forth reporting requirements.  Authorizes appropriations.

Example Input: SECTION 1. SHORT TITLE; AMENDMENT OF 1986 CODE.

    (a) Short Title.--This Act may be cited as the ``Working Family 
Child Care Tax Relief Act of 1996''.
    (b) Amendment of  1986 Code.--Except as otherwise expressly 
provided, whenever in this Act an amendment or repeal is expressed in 
terms of an amendment to, or repeal of, a section or other provision, 
the reference shall be considered to be made to a section or other 
provision of the Internal Revenue Code of 1986.

SEC. 2. EXPANSION OF CHILD AND DEPENDENT CARE CREDIT.

    (a) Increase in Credit.--Paragraph (2) of section 21(a) (relating 
to credit for expenses for household and dependent care services 
necessary for gainful employment) is amended to read as follows:
            ``(2) Applicable percentage defined.--For purposes of 
        paragraph (1), the term `applicable percentage' means 30 
        percent reduced (but not below 20 percent) by 1 percentage 
        point for each $3,000 (or fraction thereof) by which the 
        taxpayer's adjusted gross income exceeds $50,000.''
    (b) Increase in Maximum Amount Creditable.--
            (1) In general.--Section 21(c) (relating to dollar limit on 
        amount creditable) is amended--
                    (A) by striking ``$2,400'' in paragraph (1) and 
                inserting ``$4,000'', and
                    (B) by striking ``$4,800'' in paragraph (2) and 
                inserting ``$8,000''.
            (2) Phaseout for taxpayers with adjusted gross income in 
        excess of $50,000.--
                    (A) In general.--Section 21(c) is amended by adding 
                at the end the following new paragraph:
            ``(2) Limitation based on adjusted gross income.--If the 
        taxpayer's adjusted gross income for the taxable year exceeds 
        $50,000, the applicable dollar amount under paragraph (1) shall 
        be reduced as follows:
                    ``(A) The $4,000 amount under paragraph (1)(A) 
                shall be reduced (but not below $2,400) by $53.33 for 
                each $1,000 (or fraction thereof) of such excess.
                    ``(B) The $8,000 amount under paragraph (1)(B) 
                shall be reduced (but not below $4,800) by $106.66 for 
                each $1,000 (or fraction thereof) of such excess.''
            (2) Conforming amendments.--Section 21(c), as amended by 
        subsection (b), is amended--
                    (A) by striking ``The amount'' and inserting:
            ``(1) In general.--The amount'',
                    (B) by redesignating paragraphs (1) and (2) as 
                subparagraphs (A) and (B), respectively, and
                    (C) by striking ``paragraph (1) or (2)'' and 
                inserting ``subparagraph (A) or (B)''.
    (c) Credit Made Refundable.--
            (1) In general.--Section 21 (relating to credit for 
        expenses for household and dependent care services), as amended 
        by this section, is transferred to subpart C of part IV of 
        subchapter A of chapter 1, inserted after section 35, and 
        redesignated as section 36.
            (2) Conforming amendments.--
                    (A) Section 129 is amended--
                            (i) by striking ``21(e)'' in subsection 
                        (a)(2)(C) and inserting ``36(e)'',
                            (ii) by striking ``21(d)(2)'' in subsection 
                        (b)(2) and inserting ``36(d)(2)'', and
                            (iii) by striking ``21(b)(2)'' in 
                        subsection (e)(1) and inserting ``36(b)(2)''.
                    (B) Section 213(e) is amended by striking ``section 
                21'' and inserting ``section 36''.
            (3) Clerical amendments.--
                    (A) The table of sections for subpart A of part IV 
                of subchapter A of chapter 1 is amended by striking the 
                item relating to section 21.
                    (B) The table of sections for subpart C of part IV 
                of subchapter A of chapter 1 is amended by adding at 
                the end the following new item:

                              ``Sec. 36. Expenses for household and 
                                        dependent care services 
                                        necessary for gainful 
                                        employment.''
    (d) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 1997.

SEC. 3. OFFSETS OF REVENUE LOSS.

    (a) Modifications to Foreign Earned Income Exclusion.--
            (1) Repeal of $70,000 exclusion.--Paragraph (1) of section 
        911(a) (relating to exclusion from gross income) is amended by 
        inserting ``in the case of taxable years beginning before 
        January 1, 1998,'' before ``the foreign earned income''.
            (2) Qualified schooling expenses.--
                    (A) In general.--Section 911(a) is amended by 
                striking ``and'' at the end of paragraph (1), by 
                striking the period at the end of paragraph (2) and 
                inserting ``, and'', and by adding at the end the 
                following new paragraph:
            ``(3) the qualified schooling expenses of such 
        individual.''
                    (B) Qualified schooling expenses.--Section 911 is 
                amended by redesignating subsections (e) and (f) as 
                subsections (f) and (g) and by inserting after 
                subsection (d) the following new subsection:
    ``(e) Qualified Schooling Expenses.--For purposes of this section--
            ``(1) In general.--For purposes of this section, the term 
        `qualified schooling expenses' means the reasonable schooling 
        expenses paid or incurred by or on behalf of the individual 
        during the taxable year for the education of each dependent of 
        the individual at the elementary or secondary level. For 
        purposes of the preceding sentence, the elementary or secondary 
        level means education which is the equivalent of education from 
        the kindergarten through the 12th grade in a United States-type 
        school.
            ``(2) Expenses included.--For purposes of paragraph (1), 
        the term `schooling expenses' means the cost of tuition, fees, 
        books, and local transportation and of other expenses required 
        by the school. Except as provided in paragraph (3), such term 
        does not include expenses of room and board or expenses of 
        transportation other than local transportation.
            ``(3) Room, board, and travel allowed in certain cases.--If 
        an adequate United States-type school is not available within a 
        reasonable commuting distance of the individual's tax home, the 
        expenses of room and board of the dependent and the expenses of 
        the transportation of the dependent each school year between 
        such tax home and the location of the school shall be treated 
        as schooling expenses.
            ``(4) Determination of reasonable expenses.--If--
                    ``(A) there is an adequate United States-type 
                school available within a reasonable commuting distance 
                of the individual's tax home, and
                    ``(B) the dependent attends a school other than the 
                school referred to in subparagraph (A),
        then the amount taken into account under paragraph (2) shall 
        not exceed the aggregate amount which would be charged for the 
        period by the school referred to in subparagraph (A).
            ``(5) Period taken into account.--An amount shall be taken 
        into account as a qualified schooling expense only if it is 
        attributable to education for a period during which the 
        individual's tax home is in a foreign country.
            ``(6) Special rules where schooling expenses not provided 
        by employer.--
                    ``(A) In general.--To the extent the qualified 
                schooling expenses of any individual for any taxable 
                year is not attributable to employer provided amounts, 
                such expenses shall be treated as a deduction allowable 
                in computing adjusted gross income to the extent of the 
                limitation of subparagraph (B).
                    ``(B) Limitation.--For purposes of subparagraph 
                (A), the limitation of this subparagraph is the excess 
                of--
                            ``(i) the foreign earned income of the 
                        individual for the taxable year, over
                            ``(ii) the amount of such income excluded 
                        from gross income under subsection (a) for the 
                        taxable year.
                    ``(C) 1-year carryover of expenses not allowed by 
                reason of subparagraph (b).--
                            ``(i) In general.--The amount not allowable 
                        as a deduction for any taxable year under 
                        subparagraph (A) by reason of the limitation of 
                        subparagraph (B) shall be treated as a 
                        deduction allowable in computing adjusted gross 
                        income for the succeeding taxable year (and 
                        only for the succeeding taxable year) to the 
                        extent of the limitation of clause (ii) for 
                        such succeeding taxable year.
                            ``(ii) Limitation.--For purposes of clause 
                        (i), the limitation of this clause for any 
                        taxable year is the excess of--
                                    ``(I) the limitation of 
                                subparagraph (B) for such taxable year, 
                                over
                                    ``(II) amounts treated as a 
                                deduction under subparagraph (A) for 
                                such taxable year.
                    ``(D) Employer provided amounts.--For purposes of 
                this paragraph, the term `employer provided amounts' 
                means any amount paid or incurred on behalf of the 
                individual by the individual's employer which is 
                foreign earned income included in the individual's 
                gross income for the taxable year (without regard to 
                this section).''
                    (C) Conforming amendment.--Section 911(d)(7) is 
                amended by inserting ``or (e)(6)(A)'' after 
                ``subsection (c)(3)(A)''.
            (3) Effective date.--The amendments made by this subsection 
        shall apply to taxable years beginning after December 31, 1997.
    (b) Savings From Welfare Reform.--If there is an overall decrease 
in Federal revenues for any fiscal year by reason of this Act (without 
regard to this subsection), such decrease shall be offset by the 
decrease in Federal expenditures for such fiscal year by reason of the 
amendments made by, and provisions of, the Personal Responsibility and 
Work Opportunity Reconciliation Act of 1996 (Public Law 104-193).
Example Output: Working Family Child Care Tax Relief Act of 1996 - Amends the Internal Revenue Code with respect to the child and dependent care credit to:  (1) increase such credit and make it refundable; and (2) provide it with an income-based phaseout and limitation. 
Eliminates the foreign earned income exclusion as of a specified date.  Allows an exclusion for overseas qualified elementary and secondary schooling expenses.

Example Input: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Farm and Ranch Risk Management 
Act''.

SEC. 2. FARM AND RANCH RISK MANAGEMENT ACCOUNTS.

    (a) In General.--Subpart C of part II of subchapter E of chapter 1 
of the Internal Revenue Code of 1986 (relating to taxable year for 
which deductions taken) is amended by inserting after section 468B the 
following:

``SEC. 468C. FARM AND RANCH RISK MANAGEMENT ACCOUNTS.

    ``(a) Deduction Allowed.--In the case of an individual engaged in 
an eligible farming business or commercial fishing, there shall be 
allowed as a deduction for any taxable year the amount paid in cash by 
the taxpayer during the taxable year to a Farm and Ranch Risk 
Management Account (hereinafter referred to as the `FARRM Account').
    ``(b) Limitation.--
            ``(1) Contributions.--The amount which a taxpayer may pay 
        into the FARRM Account for any taxable year shall not exceed 20 
        percent of so much of the taxable income of the taxpayer 
        (determined without regard to this section) which is 
        attributable (determined in the manner applicable under section 
        1301) to any eligible farming business or commercial fishing.
            ``(2) Distributions.--Distributions from a FARRM Account 
        may not be used to purchase, lease, or finance any new fishing 
        vessel, add capacity to any fishery, or otherwise contribute to 
        the overcapitalization of any fishery. The Secretary of 
        Commerce shall implement regulations to enforce this paragraph.
    ``(c) Eligible Businesses.--For purposes of this section--
            ``(1) Eligible farming business.--The term `eligible 
        farming business' means any farming business (as defined in 
        section 263A(e)(4)) which is not a passive activity (within the 
        meaning of section 469(c)) of the taxpayer.
            ``(2) Commercial fishing.--The term `commercial fishing' 
        has the meaning given such term by section (3) of the Magnuson-
        Stevens Fishery Conservation and Management Act (16 U.S.C. 
        1802) but only if such fishing is not a passive activity 
        (within the meaning of section 469(c)) of the taxpayer.
    ``(d) FARRM Account.--For purposes of this section--
            ``(1) In general.--The term `FARRM Account' means a trust 
        created or organized in the United States for the exclusive 
        benefit of the taxpayer, but only if the written governing 
        instrument creating the trust meets the following requirements:
                    ``(A) No contribution will be accepted for any 
                taxable year in excess of the amount allowed as a 
                deduction under subsection (a) for such year.
                    ``(B) The trustee is a bank (as defined in section 
                408(n)) or another person who demonstrates to the 
                satisfaction of the Secretary that the manner in which 
                such person will administer the trust will be 
                consistent with the requirements of this section.
                    ``(C) The assets of the trust consist entirely of 
                cash or of obligations which have adequate stated 
                interest (as defined in section 1274(c)(2)) and which 
                pay such interest not less often than annually.
                    ``(D) All income of the trust is distributed 
                currently to the grantor.
                    ``(E) The assets of the trust will not be 
                commingled with other property except in a common trust 
                fund or common investment fund.
            ``(2) Account taxed as grantor trust.--The grantor of a 
        FARRM Account shall be treated for purposes of this title as 
        the owner of such Account and shall be subject to tax thereon 
        in accordance with subpart E of part I of subchapter J of this 
        chapter (relating to grantors and others treated as substantial 
        owners).
    ``(e) Inclusion of Amounts Distributed.--
            ``(1) In general.--Except as provided in paragraph (2), 
        there shall be includible in the gross income of the taxpayer 
        for any taxable year--
                    ``(A) any amount distributed from a FARRM Account 
                of the taxpayer during such taxable year, and
                    ``(B) any deemed distribution under--
                            ``(i) subsection (f)(1) (relating to 
                        deposits not distributed within 5 years),
                            ``(ii) subsection (f)(2) (relating to 
                        cessation in eligible farming business), and
                            ``(iii) subparagraph (A) or (B) of 
                        subsection (f)(3) (relating to prohibited 
                        transactions and pledging account as security).
            ``(2) Exceptions.--Paragraph (1)(A) shall not apply to--
                    ``(A) any distribution to the extent attributable 
                to income of the Account, and
                    ``(B) the distribution of any contribution paid 
                during a taxable year to a FARRM Account to the extent 
                that such contribution exceeds the limitation 
                applicable under subsection (b) if requirements similar 
                to the requirements of section 408(d)(4) are met.
        For purposes of subparagraph (A), distributions shall be 
        treated as first attributable to income and then to other 
        amounts.
    ``(f) Special Rules.--
            ``(1) Tax on deposits in account which are not distributed 
        within 5 years.--
                    ``(A) In general.--If, at the close of any taxable 
                year, there is a nonqualified balance in any FARRM 
                Account--
                            ``(i) there shall be deemed distributed 
                        from such Account during such taxable year an 
                        amount equal to such balance, and
                            ``(ii) the taxpayer's tax imposed by this 
                        chapter for such taxable year shall be 
                        increased by 10 percent of such deemed 
                        distribution.
                The preceding sentence shall not apply if an amount 
                equal to such nonqualified balance is distributed from 
                such Account to the taxpayer before the due date 
                (including extensions) for filing the return of tax 
                imposed by this chapter for such year (or, if earlier, 
                the date the taxpayer files such return for such year).
                    ``(B) Nonqualified balance.--For purposes of 
                subparagraph (A), the term `nonqualified balance' means 
                any balance in the Account on the last day of the 
                taxable year which is attributable to amounts deposited 
                in such Account before the 4th preceding taxable year.
                    ``(C) Ordering rule.--For purposes of this 
                paragraph, distributions from a FARRM Account (other 
                than distributions of current income) shall be treated 
                as made from deposits in the order in which such 
                deposits were made, beginning with the earliest 
                deposits.
            ``(2) Cessation in eligible business.--At the close of the 
        first disqualification period after a period for which the 
        taxpayer was engaged in an eligible farming business or 
        commercial fishing, there shall be deemed distributed from the 
        FARRM Account of the taxpayer an amount equal to the balance in 
        such Account (if any) at the close of such disqualification 
        period. For purposes of the preceding sentence, the term 
        `disqualification period' means any period of 2 consecutive 
        taxable years for which the taxpayer is not engaged in an 
eligible farming business or commercial fishing.
            ``(3) Certain rules to apply.--Rules similar to the 
        following rules shall apply for purposes of this section:
                    ``(A) Section 220(f)(8) (relating to treatment on 
                death).
                    ``(B) Section 408(e)(2) (relating to loss of 
                exemption of account where individual engages in 
                prohibited transaction).
                    ``(C) Section 408(e)(4) (relating to effect of 
                pledging account as security).
                    ``(D) Section 408(g) (relating to community 
                property laws).
                    ``(E) Section 408(h) (relating to custodial 
                accounts).
            ``(4) Time when payments deemed made.--For purposes of this 
        section, a taxpayer shall be deemed to have made a payment to a 
        FARRM Account on the last day of a taxable year if such payment 
        is made on account of such taxable year and is made on or 
        before the due date (without regard to extensions) for filing 
        the return of tax for such taxable year.
            ``(5) Individual.--For purposes of this section, the term 
        `individual' shall not include an estate or trust.
            ``(6) Deduction not allowed for self-employment tax.--The 
        deduction allowable by reason of subsection (a) shall not be 
        taken into account in determining an individual's net earnings 
        from self-employment (within the meaning of section 1402(a)) 
        for purposes of chapter 2.
    ``(g) Reports.--The trustee of a FARRM Account shall make such 
reports regarding such Account to the Secretary and to the person for 
whose benefit the Account is maintained with respect to contributions, 
distributions, and such other matters as the Secretary may require 
under regulations. The reports required by this subsection shall be 
filed at such time and in such manner and furnished to such persons at 
such time and in such manner as may be required by such regulations.''.
    (b) Tax on Excess Contributions.--
            (1) Subsection (a) of section 4973 of such Code (relating 
        to tax on excess contributions to certain tax-favored accounts 
        and annuities) is amended by striking ``or'' at the end of 
        paragraph (3), by redesignating paragraph (4) as paragraph (5), 
        and by inserting after paragraph (3) the following:
            ``(4) a FARRM Account (within the meaning of section 
        468C(d)), or''.
            (2) Section 4973 of such Code is amended by adding at the 
        end the following:
    ``(g) Excess Contributions to FARRM Accounts.--For purposes of this 
section, in the case of a FARRM Account (within the meaning of section 
468C(d)), the term `excess contributions' means the amount by which the 
amount contributed for the taxable year to the Account exceeds the 
amount which may be contributed to the Account under section 468C(b) 
for such taxable year. For purposes of this subsection, any 
contribution which is distributed out of the FARRM Account in a 
distribution to which section 468C(e)(2)(B) applies shall be treated as 
an amount not contributed.''.
            (3) The section heading for section 4973 of such Code is 
        amended to read as follows:

``SEC. 4973. EXCESS CONTRIBUTIONS TO CERTAIN ACCOUNTS, ANNUITIES, 
              ETC.''.

            (4) The table of sections for chapter 43 of such Code is 
        amended by striking the item relating to section 4973 and 
        inserting the following:

                              ``Sec. 4973. Excess contributions to 
                                        certain accounts, annuities, 
                                        etc.''.
    (c) Tax on Prohibited Transactions.--
            (1) Subsection (c) of section 4975 of such Code (relating 
        to tax on prohibited transactions) is amended by adding at the 
        end the following:
            ``(6) Special rule for farrm accounts.--A person for whose 
        benefit a FARRM Account (within the meaning of section 468C(d)) 
        is established shall be exempt from the tax imposed by this 
        section with respect to any transaction concerning such account 
        (which would otherwise be taxable under this section) if, with 
        respect to such transaction, the account ceases to be a FARRM 
        Account by reason of the application of section 468C(f)(3)(A) 
        to such account.''.
            (2) Paragraph (1) of section 4975(e) of such Code is 
        amended by redesignating subparagraphs (E) and (F) as 
        subparagraphs (F) and (G), respectively, and by inserting after 
        subparagraph (D) the following:
                    ``(E) a FARRM Account described in section 
                468C(d),''.
    (d) Failure To Provide Reports on FARRM Accounts.--Paragraph (2) of 
section 6693(a) of such Code (relating to failure to provide reports on 
certain tax-favored accounts or annuities) is amended by redesignating 
subparagraphs (C) and (D) as subparagraphs (D) and (E), respectively, 
and by inserting after subparagraph (B) the following:
                    ``(C) section 468C(g) (relating to FARRM 
                Accounts),''.
    (e) Clerical Amendment.--The table of sections for subpart C of 
part II of subchapter E of chapter 1 of such Code is amended by 
inserting after the item relating to section 468B the following:

                              ``Sec. 468C. Farm and Ranch Risk 
                                        Management Accounts.''.
    (f) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after the date of the enactment of 
this Act.
Example Output:
Farm and Ranch Risk Management Act - Amends the Internal Revenue Code to allow an individual engaged in an eligible farming or commercial fishing business a deduction for any taxable year of up to 20 percent of taxable income attributable to the eligible farming or commercial fishing business which was paid in cash by the taxpayer to a Farm and Ranch Risk Management Account (FARRM Account).Includes distributions from a FARRM account in the taxpayer's gross income, and subjects to a special ten percent surtax any distributions not made within five years of contribution. Establishes a tax on excess contributions, but exempts the taxpayer from the tax on certain prohibited transactions.