CONGRESS FOR VOTERS

DemocratBill · S. 4502· Senate(119-S-4502)

Farm Disaster Tax Cut Act

Rep. Ossoff
Age: 39 years
Georgia
Introduced
5/12/2026
Last activity
5/12/2026 — Read twice and referred to the Committee on Finance.
Sponsored by
Jon Ossoff
Cosponsors
None
Taxation
  1. Introduced
  2. In Committee

What this bill would do

This bill, titled the "Farm Disaster Tax Cut Act," aims to amend the Internal Revenue Code of 1986. The primary purpose is to exclude crop insurance indemnity payments from gross income. These payments are made pursuant to the Federal Crop Insurance Act. The new provision would establish section 139M within the tax code. This change applies to payments for losses occurring after August 5, 2024.

Yes· 3 of 6

  • Would farmers be better off under this?+7

    The bill specifically assists farmers by preventing their disaster-related insurance payments from being taxed.

  • Would business owners be better off under this?+6

    Farm owners benefit directly from the exclusion of insurance indemnity payments from their taxable gross income.

  • Does this cut taxes for small businesses?+5

    The bill excludes crop insurance indemnity payments from gross income, providing tax relief for farm-based businesses.

The opposite

  • Does this reduce what the federal government spends?-2

    Excluding these payments from gross income reduces federal tax revenue.