,,ii  #aaeth ,,congress  #ast ,session  
,s4 #fga  ,,in ,,the ,,senate ,,of ,,the
 ,,united ,,states  ,march #ba1         
#bjag,mr4 ,moran 7for himself and ,mrs4 
,ernst7 introduced the following bill2  
which was read twice and referred to the
 ,committee on ,finance  ,a ,,bill  ,to 
amend the ,internal ,revenue ,code of   
#aihf to exclude from gross income      
certain amounts realized on the         
disposition of property raised or       
produced by a student farmer1 and for   
other purposes4  #a4 ,short title ,this 
,act may be cited as the ,agriculture   
,students ,,earn ,act or the            
,agriculture ,students ,encourage1      
,acknowledge1 ,reward1 ,nurture ,act4   
#b4 ,exclusion of certain gain by       
student farmers from gross income  7a7  
,in general ,part ,,iii of subchapter ,b
 of chapter #a of the ,internal ,revenue
 ,code of #aihf is amended by inserting 
after section #aci;,f the following new 
section3  #aci;,g4 ,gain from property  
produced or raised by a student farmer  

7a7 ,in general ,in the case of a       
student farmer1 gross income shall not  
include so much of the gain from        
qualified dispositions during the       
taxable year as does not exceed #e1jjj4 
7b7 ,definitions ,for purposes of this  
section-- 7#a7 ,student farmer ,the term
 student farmer means an individual who 
has not attained age #ai and who is     
enrolled in--  7,a7 a program           
established by the ,national ,,ffa      
,organization1  7,b7 a #d-;,h ,club or  
other program established by #d-;,h1 or 
7,c7 any student agriculture program    
similar in nature to a club or program  
described in subparagraph 7,a7 or 7,b7  
which is under the direction or guidance
 of an agricultural educator1 advisor1  
or club leader4  7#b7 ,qualified        
disposition  7,a7 ,in general ,the term 
qualified disposition means a sale or   
exchange of qualified property by or on 
behalf of a student farmer 7determined  
as of the date of the sale or exchange7 
which occurs--  7i7 during an activity  

of a type described in paragraph        
7#b77;,b7 or 7#c77;,b7 of section       
#eac7;d71 or  7ii7 under the supervision
 of a program described in subparagraph 
7,a71 7,b71 or 7,c7 of paragraph 7#a74  
7,b7 ,qualified property ,for purposes  
of subparagraph 7,a71 the term qualified
 property means personal property1      
including livestock1 crops1 and         
agricultural mechanics or shop projects1
 produced or raised--  7i7 by the       
student farmer by or on behalf of whom  
the sale or exchange is made1 and  7ii7 
under the supervision of a program      
described in subparagraph 7,a71 7,b71 or
 7,c7 of paragraph 7#a74  4  7b7        
,conforming amendment ,the table of     
sections for part ,,iii of subchapter ,b
 of chapter #a of the ,internal ,revenue
 ,code of #aihf is amended by inserting 
after the item relating to section      
#aci;,f the following new item3  ,sec4  
#aci;,g4 ,gain from property produced or
 raised by a student farmer4  4  7c7    
,effective date ,the amendments made by 

this section shall apply to taxable     
years beginning after the date of the   
enactment of this ,act4