Schock introduces farm tax fairness legislation

By Web Producer

Schock introduces farm tax fairness legislation

June 21, 2012 Updated Jun 21, 2012 at 1:14 PM CDT

WASHINGTON, D.C. -- Congressman Aaron Schock (R-IL) introduced legislation Thursday that calls for tax fairness for farmers in Illinois and throughout the nation.

The Farm Tax Parity Act would amend the Internal Revenue Service code of 1986 to exclude farm rental income from self-employment taxes. This would make taxes comparable to any other business in which the owner of property rents such property to their small business.

According to a release from Congressman Schock's office, the IRS has aggressively come after farms who rent out their land in Illinois.

"I have heard from a number of my local farmers and farm bureaus that they are being aggressively and unfairly targeted by IRS audits on rental income," said Congressman Schock. "The IRS operates in an inconsistent way in different parts of the country which unfairly penalizes farmers in Illinois...The same rules should apply to everyone."

Illinois Farm Bureau President Philip Nelson said the bureau appreciates Representative Schock's efforts to restore equal treatment in the farming tax code.

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