In CommitteeFiled May 12, 2026
Sponsor: Sen. Ossoff, Jon [D-GA] (D)
Latest Action
Read twice and referred to the Committee on Finance.
May 12, 2026
Summary
The Farm Disaster Tax Cut Act removes crop‑insurance indemnity payments from a farmer’s gross income, meaning those payments are not subject to federal income tax. It applies to losses occurring after August 5, 2024 but ends for losses after December 31, 2028. The change aims to give farmers tax relief when they receive disaster assistance.
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