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To amend the Internal Revenue Code of 1986 to exclude crop insurance indemnity payments from gross income.
Summary
This bill amends the Internal Revenue Code to exclude crop insurance indemnity payments from farmers' gross income for federal tax purposes. The exclusion applies to insurance payments made under the Federal Crop Insurance Act and covers losses occurring after August 5, 2024. The tax exclusion for crop insurance payments is temporary and expires on December 31, 2028, after which such payments would again be subject to income tax. This provision provides tax relief to farmers who receive insurance payouts for crop losses due to disasters or other covered events.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
- Sen. Ossoff, Jon [D-GA] (D-GA)
Money behind the sponsor
Top reported contributors to Jon Ossoff’s campaign committee (2024 cycle) — who funds the bill’s sponsor, not a claim about this bill. Data from FEC.
Organizations whose employees gave the most — itemized individual contributions grouped by the donor’s reported employer (FEC Schedule A). Full finance for Jon Ossoff → · Outside spending →
Actions (2)
- May 12, 2026 Read twice and referred to the Committee on Finance. · senate
- May 12, 2026 Introduced in Senate
Similar bills (6)
Bills with similar text or summary — includes reintroductions across Congresses. Ranked by semantic similarity of the bill text (computed locally); a neutral discovery aid, not a claim the bills are duplicates.
Full text
IN THE SENATE OF THE UNITED STATES
May 12, 2026
Mr. Ossoff introduced the following bill; which was read twice and referred to the Committee on Finance
A BILL
To amend the Internal Revenue Code of 1986 to exclude crop insurance indemnity payments from gross income.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the “Farm Disaster Tax Cut Act”.
SEC. 2. CROP INSURANCE INDEMNITY PAYMENTS EXCLUDED FROM GROSS INCOME.
(a) In General.—Part III of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after section 139L the following new section:
“SEC. 139M. CROP INSURANCE INDEMNITY PAYMENTS.
“(a) In General.—Gross income shall not include any crop insurance indemnity payment made pursuant to the Federal Crop Insurance Act (7 U.S.C. 1501 et seq.).
“(b) Termination.—This section shall not apply to any payment for losses which occur after December 31, 2028.”.
(b) Clerical Amendment.—The table of sections for part III of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after the item relating to section 139L the following new item:
“Sec. 139M. Crop insurance indemnity payments.”.
(c) Effective Date.—The amendments made by this section shall apply to payments for losses which occur after August 5, 2024. <all>
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