PlainBillCongress, translated.Legislation. Context. Public interest.Read twice and referred to the Committee on Finance.
Congressional Research Service
Version 00 · Introduced in Senate · Jul 30, 1998
TABLE OF CONTENTS: Title I: Reduction in Individual Capital Gains Tax Rates Title II: Tax Incentives for Farmers Family Investment and Rural Savings Tax Act - Title I: Reduction in Individual Capital Gains Tax Rates - Amends the Internal Revenue Code to reduce individual capital gains tax rates. Title II: Tax Incentives for Farmers - Amends the Internal Revenue Code to permit an eligible farmer or rancher to establish a Farm and Ranch Risk Management Account (FARRM Account). States that: (1) up to 20 percent of farm-derived income may be deposited as an annual income deduction; and (2) deferred amounts shall be taxed upon withdrawal without penalty if distributed within five years. Amends the Taxpayer Relief of 1997 to permanently extend income averaging for farmers.
People & committees
Sen. Lott, Trent [R-MS] · R–MS
Legislative record
A procedural vote is different from passage. Passage in one chamber does not establish enactment. Explore the glossary.
Read twice and referred to the Committee on Finance.
Sponsor introductory remarks on measure. (CR S9426-9427)
Introduced in Senate
Primary sources
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Source last updated: Aug 21, 2025. Consult Congress.gov for the current record.
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Analyze S.2371 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.
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