Section 1 Short title
This Act may be cited as the “Student Agriculture Protection Act of 2015”.
Student Agriculture Protection Act of 2015
A BILL
To amend the Internal Revenue Code of 1986 to exclude from gross income certain amounts realized on the disposition of property raised or produced by a student farmer, and for other purposes.
Sec. 2 Exclusion of certain gain by student farmers from gross income
In general— Part III of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after section 139E the following new section:
“139F. Gain from property produced or raised by a student farmer
“(a) In general—In the case of a student farmer, gross income shall not include so much of the gains from qualified dispositions for the taxable year as does not exceed $5,000.
“(b) Definitions—For the purposes of this section—
“(1) Student farmer—The term “student farmer” means an individual who has not attained age 18, and who is—
“(A) enrolled in a program established by Future Farmers of America, or
“(B) enrolled in a 4–H club.
“(2) Qualified disposition and qualified property
“(A) The term “qualified disposition” means a sale or exchange by or on behalf of a person who is a student farmer at the time of the sale or exchange—
“(i) of qualified property produced or raised by that student farmer, and
“(ii) that occurs during an activity of a type described in subparagraph (2)(B) or (3)(B) of section 513(d).
“(B) The term “qualified property” means personal property, including livestock, produced or raised by a student farmer under the supervision of a program described in subparagraph (A) or (B) of paragraph (1).”
Conforming 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 139E the following new item:
Effective date— The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.