Farm Disaster Tax Cut Act

This legislative proposal seeks to amend the Internal Revenue Code of 1986 by creating a new section 139M. This new section would exclude crop insurance indemnity payments made under the Federal Crop Insurance Act from a taxpayer's gross income, aiming to reduce the tax burden on farmers. The exclusion is designed to provide financial relief for farmers who receive these payments due to crop losses. It will apply to payments for losses that occur after August 5, 2024 , but will terminate for any losses occurring after December 31, 2028 , indicating a temporary measure to support agricultural producers.