II
110th CONGRESS
1st Session
S. 1155
IN THE SENATE OF THE UNITED STATES
April 18, 2007
Mr. Dorgan (for himself, Mr. Brownback, Ms. Landrieu, Mr. Allard, Mr. Harkin, Mrs. Murray, Mr. Roberts, Mr. Nelson of Nebraska, Mr. Salazar, Mr. Hagel, Mr. Thune, and Mr. Levin) introduced the following bill; which was read twice and referred to the Committee on Finance
A BILL
To treat payments under the Conservation Reserve Program as rentals from real estate.
Short title
This Act may be cited as the
Conservation Reserve Program Tax
Fairness Act of 2007
.
Treatment of Conservation Reserve Program payments as rentals from real estate
Internal Revenue Code
Section 1402(a)(1) of the Internal Revenue
Code of 1986 (defining net earnings from self-employment) is amended by
inserting and including payments under section 1233(2) of the Food
Security Act of 1985 (16 U.S.C. 3833(2))
after
crop shares
.
Social Security Act
Section 211(a)(1) of the
Social Security Act is amended by
inserting and including payments under section 1233(2) of the Food
Security Act of 1985 (16 U.S.C. 3833(2))
after
crop shares
.
Effective date
The amendments made by this section shall apply to payments made before, on, or after the date of the enactment of this Act.
Maintenance of transfers to trust funds
There are hereby appropriated to the Federal Old-Age and Survivors Insurance Trust Fund, the Federal Disability Insurance Trust Fund, and the Federal Hospital Insurance Trust Fund established under the Social Security Act amounts equal to the reduction in revenues to the Treasury by reason of the enactment of this Act. Amounts appropriated by the preceding sentence shall be transferred from the general fund at such times and in such manner as to replicate to the extent possible the transfers which would have occurred to such Trust Funds had this Act not been enacted.