Growers' Tax Fairness Act of 2001

Growers' Tax Fairness Act of 2001 - Amends the Internal Revenue Code to allow taxpayers to take compulsory or involuntary commercial plant conversion compensation (citrus canker tree replacement, plum pox virus compensation, or Pierce's disease payments) into account as income or gain ratably over the ten-year period beginning with the taxable year in which the taxpayer receives or accrues the compensation.

[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2822 Introduced in House (IH)]







107th CONGRESS
  1st Session
                                H. R. 2822

   To amend the Internal Revenue Code of 1986 to allow taxpayers to 
include compensation received for compulsory or involuntary commercial 
       plant conversions as income or gain over a 10-year period.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             August 2, 2001

Mrs. Thurman (for herself, Mr. Foley, Mr. Boyd, Mr. Doyle, Mr. Filner, 
 Mr. Gekas, Mr. Hastings of Florida, Mr. Peterson of Pennsylvania, Mr. 
Platts, Mr. Putnam, Ms. Ros-Lehtinen, Ms. Watson of California, and Ms. 
   Woolsey) introduced the following bill; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
   To amend the Internal Revenue Code of 1986 to allow taxpayers to 
include compensation received for compulsory or involuntary commercial 
       plant conversions as income or gain over a 10-year period.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Growers' Tax Fairness Act of 2001''.

SEC. 2. 10-YEAR RATABLE INCOME INCLUSION FOR COMPULSORY OR INVOLUNTARY 
              COMMERCIAL PLANT CONVERSION COMPENSATION.

    (a) In General.--Part I of subchapter Q of chapter 1 of the 
Internal Revenue Code of 1986 (relating to income averaging) is amended 
by inserting after section 1301 the following new section:

``SEC. 1302. 10-YEAR RATABLE INCOME INCLUSION FOR COMPULSORY OR 
              INVOLUNTARY COMMERCIAL PLANT CONVERSION COMPENSATION.

    ``(a) In General.--At the election of the taxpayer, any amount 
taken into account as income or gain by reason of receiving compulsory 
or involuntary commercial plant conversion compensation shall be 
included in the income of the taxpayer ratably over the 10-year period 
beginning with the taxable year in which the compensation is received 
or accrued by the taxpayer.
    ``(b) Compulsory or Involuntary Commercial Plant Conversion 
Compensation.--
            ``(1) In general.--For purposes of subsection (a), the term 
        `compulsory or involuntary commercial plant conversion 
        compensation' means--
                    ``(A) a citrus canker tree payment,
                    ``(B) plum pox virus compensation payment, or
                    ``(C) a Pierce's disease payment.
            ``(2) Citrus canker tree payment.--For purposes of 
        paragraph (1), the term `citrus canker tree payment' means a 
        payment made to an owner of a commercial citrus grove to 
        recover income that was lost as a result of the removal of 
        commercial citrus trees to control canker under the amendments 
        to the citrus canker regulations (7 C.F.R. 301) made by the 
        final rule published in the Federal Register by the Secretary 
        of Agriculture on June 18, 2001 (66 Fed. Reg. 32713, Docket No. 
        00-37-4).
            ``(3) Plum pox virus compensation payment.--For purposes of 
        paragraph (1), the term `plum pox virus compensation payment' 
        means a payment made as compensation for the quarantine and 
        destruction of commercial stone fruit trees and any Prunus spp. 
        plant material pursuant to the Declaration of Extraordinary 
        Emergency Because of Plum Pox Virus published by the Secretary 
        of Agriculture on March 2, 2000 (65 Fed. Reg. 11280-11281, 
        Docket No. 00-001-1).
            ``(4) Pierce's disease payment.--For purposes of paragraph 
        (1), the term `Pierce's disease payment' means payment made by 
        the Secretary of Agriculture to growers for losses due to 
        Pierce's disease.''.
    (b) Clerical Amendment.--The table of sections for part I of 
subchapter Q of chapter 1 of such Code is amended by inserting after 
the item relating to section 1301 the following new item:

                              ``Sec. 1302. 10-year ratable income 
                                        inclusion for compulsory or 
                                        involuntary commercial plant 
                                        conversion compensation.''.
    (c) 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.
                                 <all>