H.R. 905 · 108th Congress
Family Farm Tax Simplification Act of 2003
- Stage
- In committee
- Sponsor
- Earl Pomeroy
- Introduced
- 2003-02-25
- Latest action
- 2003-02-26 · Sponsor introductory remarks on measure.
Summary
Family Farm Tax Simplification Act of 2003 - Amends the Internal Revenue Code to exempt from treatment as a partnership a qualified farming joint venture conducted by a jointly-filing husband and wife. Provides that income, gain, loss, deductions, and credits shall be equally divided, and treated as if attributable to a trade or business conducted by each spouse as a sole proprietor.Defines "qualified farming joint venture."Amends the Code and the Social Security Act to treat such income as net earnings from self-employment, respectively.