Permits a taxpayer to elect to include certain crop payments received in 1978 in his 1977 income, if such payments are either: (1) cash payments under the Agricultural Act of 1949 for crop disaster losses sustained in 1977, providing he establishes that, under his practice, income from the lost crops could have been reported in his 1977 income; or (2) deficiency (or "target price") payments under such Act for any 1977 crop, and the fifth month of such crop's marketing year ended before December 1, 1977.
Extends until January 1, 1978, the Internal Revenue Code election to take a tax deduction for the living expenses of State Legislators, incurred during a legislative session.