S. 4502

Summary

S. 4502, the Farm Disaster Tax Cut Act, was introduced in the Senate on May 12, 2026 by Sen. Jon Ossoff (D). It was referred to Finance, and last saw action on May 12, 2026: Read twice and referred to the Committee on Finance.

Record

Text

S. 4502 has no co-sponsors and has not gone to a roll call.

119 S4502 IS: Farm Disaster Tax Cut Act
 U.S. Senate
 2026-05-12
 text/xml
 EN
 Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
 II  119th CONGRESS  2d Session  S. 4502  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.
1.
Short title
This Act may be cited as the   Farm Disaster Tax Cut Act  .
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:
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.

Tracker

The tracker indicates the progress of this legislation as it moves through the legislative process.

A bill to amend the Internal Revenue Code of 1986 to exclude crop insurance indemnity payments from gross income.

Sponsors

Sen. Jon Ossoff (D) sponsors S. 4502 alone.

Jon Ossoff

Sen. · D–GA · Sponsor

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Committees

S. 4502 went before 1 committee: Finance.

Finance

Finance

Referred To · May 12, 2026 · 902 Bills

Actions

S. 4502 has taken 2 actions since May 12, 2026.

Votes

S. 4502 has not gone to a roll call.

Titles

S. 4502 goes by 3 titles, 1 of them short titles.

• Farm Disaster Tax Cut Act — Display Title
• Farm Disaster Tax Cut Act — Short Title(s) as Introduced
• A bill to amend the Internal Revenue Code of 1986 to exclude crop insurance indemnity payments from gross income. — Official Title as Introduced

Lobbying

2 clients hired 2 firms and 15 registered lobbyists who named S. 4502 in 2 quarterly filings, 2026. Reported under the Lobbying Disclosure Act; a filing’s income covers everything its registrant worked that quarter, so the amounts below are the filings’, not this bill’s.

Filed under Automotive Industry, Consumer Issues/Safety/Products, Disaster Planning/Emergencies, Financial Institutions/Investments/Securities, Insurance, Taxation/Internal Revenue Code, Torts, Transportation.

Clients

Who paid to be heard, by how many filings named the bill.

Firms

Registrants who filed on the bill, by filings.

Lobbyists

Named on the filings that cite the bill.

Filings

The documents themselves, on the Senate’s Lobbying Disclosure site, largest reported first.

Classification

The Congressional Research Service files S. 4502 under Taxation, one of its 31 policy areas.

CRS Subjects

CRS assigns every bill one policy area from its 31; S. 4502’s is Taxation.

Source: congress.gov · legiscan.com