H.R. 3255 — Introduced in House

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.