What does Preamble of Farm Disaster Tax Cut Act do?

This bill aims to amend the Internal Revenue Code of 1986 The amendment excludes crop insurance indemnity payments from gross income

What does SHORT TITLE. of Farm Disaster Tax Cut Act do?

This bill is formally titled the Farm Disaster Tax Cut Act.

What does CROP INSURANCE INDEMNITY PAYMENTS EXCLUDED FROM GROSS INCOME. of Farm Disaster Tax Cut Act do?

This section amends the Internal Revenue Code of 1986 to exclude crop insurance indemnity payments from gross income. The exclusion applies to payments made pursuant to the Federal Crop Insurance Act. The exclusion will not apply to payments for losses occurring after December 31, 2028. The amendments apply to payments for losses occurring after August 5, 2024.

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Farm Disaster Tax Cut Act

Last updated: 5/12/2026 · Introduced: 5/12/2026

Author: Jon Ossoff (D-GA)

TL;DR (AI)

This bill excludes payments from federal crop insurance programs from taxable income.
The exclusion applies to crop insurance indemnity payments for losses occurring after August 5, 2024.
Payments for losses occurring after December 31, 2028, are not eligible for this exclusion.

119th Congressin committeeOfficial page

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Other Sections

Includes provisions on preamble, short title., and 1 more.

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