H.R. 1614
FRAME Act of 2013
Referred to the House Committee on Ways and Means.
Sponsor
Rep. Crawford, Eric A. "Rick" [R-AR-1]
Bill Details
- Update Date
- Nov 15, 2019
- Origin Chamber
- House
- Bill Type
- HR
- Bill Number
- 1,614
- Congress
- 113
- Introduced Date
- Apr 18, 2013
- Policy Area
- Taxation
- Is Law
- No
Referred to the House Committee on Ways and Means.
Source: House floor actions
Introduced in House
Source: Library of Congress
Introduced in House
Source: Library of Congress
Farm Risk Abatement and Mitigation Election Act of 2013 or the FRAME Act of 2013 - Amends the Internal Revenue Code to: (1) establish tax-exempt farm risk management accounts (FRAME Accounts) and allow taxpayers actively engaged in the business of farming or ranching to use distributions from such accounts to protect the solvency of the farm to which the FRAME Account relates and to procure revenue or crop insurance; (2) allow a deduction from gross income for cash contributions to such accounts; (3) specify minimum levels of contributions to, and maximum levels of distributions from, such accounts; (4) set forth tax rules relating to account distributions, excess contributions, and prohibited transactions; and (5) allow a variable business-related tax credit for contributions made to a FRAME Account in the first nine years after such Account is established.
Ways and Means Committee
Introduced in House
Apr 18, 2013