Haley Stevens: “the proposed Taxpayer Refund Act of 1999 contains a provision to coordinate a farmer's income averaging with the…”

“the proposed Taxpayer Refund Act of 1999 contains a provision to coordinate a farmer's income averaging with the alternative minimum tax (AMT). This would ensure that a farmer's AMT is not increased solely because he or she elects income averaging. Under section 604 of the Finance Committee's bill, a farmer electing to average his or her farm income would owe AMT only to the extent he or she would have owned alternative minimum tax had averaging not been elected. I have offered an amendment that would extend the income averaging to fishermen and would coordinate the tax treatment with the AMT, just as the bill attempts to do for farmers. Fishermen should receive the same treatment as farmers. The Joint Committee on Taxation estimates the measure for farmers would cost $22 million over the next ten years. According to the Joint Committee on Taxation, my amendment for fishermen would cost $5 million over the next ten years. This is a small amount to ensure that fishermen receive the same benefits as farmers under our current tax structure. Fishermen face the same type of economic ups and downs that farmers and ranchers face. Because of this, they shouldn't be excluded from income averaging or coordination with the AMT.”