,,ii  #aahth ,,congress  #ast ,session  
,s4 #ic  ,,in ,,the ,,senate ,,of ,,the 
,,united ,,states  ,january #bf1        
#bjbc,mr4 ,booker 7for himself1 ,ms4    
,stabenow1 ,mr4 ,warnock1 and ,ms4      
,smith7 introduced the following bill2  
which was read twice and referred to the
 ,committee on ,finance  ,a ,,bill  ,to 
exclude from gross income certain       
assistance provided to farmers1 and for 
other purposes4  #a4 ,short title ,this 
,act may be cited as the ,family ,farmer
 and ,rancher ,tax ,fairness ,act of    
#bjbc4  #b4 ,tax treatment of certain   
assistance to farmers1 etc ,for purposes
 of the ,internal ,revenue ,code of     
#aihf1 in the case of any payment       
described in section #ajjf7;e7 of the   
,american ,rescue ,plan ,act of #bjba   
7as amended by section #bbjjg of ,public
 ,law #aag-afi7 or section #bbjjf of    
,public ,law #aag-afi-- 7#a7 such       
payment shall not be included in the    
gross income of the person on whose     
behalf1 or to whom1 such payment is     

made1  7#b7 no deduction shall be       
denied1 no tax attribute shall be       
reduced1 and no basis increase shall be 
denied1 by reason of the exclusion from 
gross income provided by paragraph 7#a71
 and  7#c7 in the case of a partnership 
or ,s corporation on whose behalf1 or to
 whom1 such a payment is made-- 7,a7 any
 amount excluded from income by reason  
of paragraph 7#a7 shall be treated as   
tax exempt income for purposes of       
sections #gje and #acff of such ,code1  
and  7,b7 except as provided by the     
,secretary of the ,treasury 7or the     
,secretary's delegate71 any increase in 
the adjusted basis of a partner's       
interest in a partnership under section 
#gje of such ,code with respect to any  
amount described in subparagraph 7,a7   
shall equal the partner's distributive  
share of deductions resulting from      
interest that is part of such payment   
and the partner's share1 as determined  
under section #geb of such ,code1 of    
principal that is part of such payment4