To amend the Internal Revenue Code of 1986 to treat certain farming business machinery and equipment as 5-year property for purposes of depreciation.

Fairness for Agricultural Machinery and Equipment Act This bill amends the Internal Revenue Code to: (1) make permanent the five-year recovery period for the depreciation of certain farming business machinery and equipment by eliminating the requirement that the property be placed in service before 2010; and (2) expand the machinery and equipment that qualifies as five-year property to include a grain bin, cotton ginning asset, or fence used in a farming business. The original use of the five-year property must commence with the taxpayer after the enactment of this bill.