,,ii  #aad? ,,congress  #b;d ,session   
,s4 #bggd  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,april #aa1 #bjaf,mr4  
,moran 7= himself & ,mrs4 ,ern/7        
introduc$ ! foll[+ bill2 :i* 0 read     
twice & ref]r$ to ! ,committee on       
,f9ance  ,a ,,bill  ,to am5d ! ,int]nal 
,rev5ue ,code ( #aihf to exclude f gross
 income c]ta9 am\nts realiz$ on !       
disposition ( prop]ty rais$ or produc$  
by a /ud5t f>m]1 & = o!r purposes4  #a4 
,%ort title ,?is ,act may be cit$ z !   
,agriculture ,/ud5ts ,,e>n ,act or !    
,agriculture ,/ud5ts ,enc\rage1         
,ackn[l$ge1 ,rew>d1 ,nurture ,act4  #b4 
,exclusion ( c]ta9 ga9 by /ud5t f>m]s f 
gross income  7a7 ,9 g5]al ,"p ,,iii (  
sub*apt] ,b ( *apt] #a ( ! ,int]nal     
,rev5ue ,code ( #aihf is am5d$ by ins]t+
 aft] section #aci;,f ! foll[+ new      
section3  #aci;,g4 ,ga9 f prop]ty       
produc$ or rais$ by a /ud5t f>m]  7a7 ,9
 g5]al ,9 ! case ( a /ud5t f>m]1 gross  
income %all n include s mu* ( ! ga9 f   
qualifi$ dispositions dur+ ! taxable ye>

 z does n exce$ #e1jjj4  7b7 ,def9itions
 ,= purposes ( ?is section-- 7#a7 ,/ud5t
 f>m] ,! t]m /ud5t f>m] means an        
individual :o has n atta9$ age #ai & :o 
is enroll$ 9--  7,a7 a program e/abli%$ 
by ! ,national ,,ffa ,organization1     
7,b7 a #d-;,h ,club or o!r program      
e/abli%$ by #d-;,h1 or  7,c7 any /ud5t  
agriculture program simil> 9 nature to a
 club or program describ$ 9 subp>agraph 
7,a7 or 7,b7 :i* is "u ! direction or   
guidance ( an agricultural educator1    
advisor1 or club lead]4  7#b7 ,qualifi$ 
disposition  7,a7 ,9 g5]al ,! t]m       
qualifi$ disposition means a sale or    
ex*ange ( qualifi$ prop]ty by or on     
behalf ( a /ud5t f>m] 7det]m9$ z ( !    
date ( ! sale or ex*ange7 :i* occurs--  
7i7 dur+ an activity ( a type describ$ 9
 subp>agraph 7#b77;,b7 or 7#c77;,b7 (   
section #eac7;d71 or  7ii7 "u !         
sup]vision ( a program describ$ 9       
subp>agraph 7,a7 or 7,b7 ( p>agraph     
7#a74  7,b7 ,qualifi$ prop]ty ,=        
purposes ( subp>agraph 7,a71 ! t]m      

qualifi$ prop]ty means p]sonal prop]ty1 
includ+ live/ock1 crops1 & agricultural 
me*anics or %op projects1 produc$ or    
rais$--  7i7 by ! /ud5t f>m] by or on   
behalf ( :om ! sale or ex*ange is made1 
&  7ii7 "u ! sup]vision ( a program     
describ$ 9 subp>agraph 7,a7 or 7,b7 (   
p>agraph 7#a74  4  7b7 ,con=m+ am5dm5t  
,! table ( sections = "p ,,iii (        
sub*apt] ,b ( *apt] #a ( ! ,int]nal     
,rev5ue ,code ( #aihf is am5d$ by ins]t+
 aft] ! item relat+ to section #aci;,f !
 foll[+ new item3  ,sec4 #aci;,g4 ,ga9 f
 prop]ty produc$ or rais$ by a /ud5t    
f>m]4  4  7c7 ,effective date ,!        
am5dm5ts made by ?is section %all apply 
to taxable ye>s beg9n+ aft] ! date ( !  
enactm5t ( ?is ,act4