S. 4502 — Introduced in Senate

II 119th CONGRESS 2d Session S. 4502 IN THE SENATE OF THE UNITED STATES May 12, 2026Mr. Ossoff introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To amend the Internal Revenue Code of 1986 to exclude crop insurance indemnity payments from gross income. 1. Short title This Act may be cited as the Farm Disaster Tax Cut Act. 2. Crop insurance indemnity payments excluded 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 139L the following new section: 139M. Crop insurance indemnity payments (a) In general Gross income shall not include any crop insurance indemnity payment made pursuant to the Federal Crop Insurance Act (7 U.S.C. 1501 et seq.). (b) Termination This section shall not apply to any payment for losses which occur after December 31, 2028. . (b) Clerical 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 139L the following new item: Sec. 139M. Crop insurance indemnity payments. . (c) Effective date The amendments made by this section shall apply to payments for losses which occur after August 5, 2024.