Us Congress 2023-2024 Regular Session

Us Congress House Bill HB5341

Introduced
9/5/23  

Caption

Family Farmer and Rancher Tax Fairness Act of 2023

Impact

If enacted, HB5341 would have a significant impact on agricultural income taxation by setting a precedent for excluding specific kinds of federal assistance from being taxed as income. This exclusion means farmers could retain more of the financial aid they receive, supporting their operations without added tax consequences. Proponents of the bill argue it levels the playing field for farmers and ranchers who may be struggling financially due to market volatility or recent adverse climate events, providing them with much-needed economic relief.

Summary

House Bill 5341, dubbed the 'Family Farmer and Rancher Tax Fairness Act of 2023', addresses the tax treatment of certain financial assistance payments provided to farmers as part of federal relief measures. Specifically, the bill aims to exclude from gross income any payments made under the American Rescue Plan Act of 2021, thus providing financial relief by ensuring this income does not affect the recipients' tax liabilities. The bill seeks to alleviate the tax burden on farmers receiving these federal assistance payments, promoting financial stability in the agricultural sector.

Contention

While many support the provisions of HB5341, some concerns may arise regarding the potential implications for tax revenues at both federal and state levels. Critics may argue that creating tax exemptions could result in reduced public funds available for essential services, including education and infrastructure, which could impact communities reliant on those services. As the bill progresses, discussions may center on balancing the support for farmers with the fiscal needs of the government and ensuring that the legislation is structured to withstand scrutiny concerning fairness in tax policy.

Companion Bills

US SB93

Same As Family Farmer and Rancher Tax Fairness Act of 2023

Previously Filed As

US SB93

Family Farmer and Rancher Tax Fairness Act of 2023

US SB2421

Insuring Fairness for Family Farmers Act of 2023

US HB4979

Fairness for Small-Scale Farmers and Ranchers Act

US SB2670

Fairness for Small-Scale Farmers and Ranchers Act

US HB2911

Fairness for Servicemembers and their Families Act of 2024

US HB4804

Insuring Fairness for Family Farmers Act of 2023

US HB2697

Fairness to Freedom Act of 2023

US HB2762

Tribal Family Fairness Act

US SB2668

Fair Credit for Farmers Act of 2023

US HB2619

Tax Fairness for Disaster Victims Act

Similar Bills

No similar bills found.