To extend permanently chapter 12 of title 11, United States Code, and to amend the Internal Revenue Code of 1986 to facilitate the bankruptcy and debt restructuring process relating to farmers.
Referred to the Subcommittee on Commercial and Administrative Law.
Congressional Research Service
Official summary
Version 00 · Introduced in House · Sep 25, 1998
Amends the Bankruptcy Judges, United States Trustees, and Family Farmer Bankruptcy Act of 1986 to repeal the termination date for bankruptcy law governing debt adjustments of family farmers with regular annual income (thus making such law permanent). Amends the Internal Revenue Code to apply its rules relating to individuals' title 11 (bankruptcy) cases to such family farmer debt adjustments. Declares that gross income of the debtor's estate, for tax purposes, shall include any income in connection with abandonment to the debtor of property burdensome to the estate or inconsequential in value, if the income arose before abandonment. Excludes such income from the debtor's gross income.
Referred to the Subcommittee on Commercial and Administrative Law.
Referred to House Ways and Means
Referred to the Committee on the Judiciary, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to House Judiciary
Introduced in House
Introduced in House
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Source last updated: Jan 2, 2025. Consult Congress.gov for the current record.
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