US Congress Senate Bill 3545 (Prior Session Legislation)

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Spectrum: Bipartisan Bill
Status: Introduced on September 13 2012 - 25% progression, died in committee
Action: 2012-09-13 - Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S6343)
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]

Family Farmer Bankruptcy Tax Clarification Act of 2012 - Amends chapter 12 (Debt Adjustment of a Family Farmer or Fisherman with Regular Annual Income) of federal bankruptcy law to revise the exclusion from the requirement of full payment under a discharged debtor's plan of any claim owed to a governmental unit arising as a result of the sale, transfer, exchange, or other disposition of a farm asset used in the debtor's farming operation (in which case the claim is treated as unsecured and not entitled to priority payment). Requires the debtor's plan to provide for: (1) the treatment as a non-priority unsecured claim of any claim owed to a governmental unit by the debtor or the estate arising as a result of the sale, transfer, exchange, or other disposition of a farm asset; but also (2) the payment of that claim. Repeals the precondition that such treatment may be made only if the debtor receives a discharge in bankruptcy. Authorizes a governmental unit to file postpetition claims relating to the disposition of farm assets. Authorizes the trustee or the debtor, also, to file such postpetition claims (including a claim for a tax for which a return is due) if the governmental unit has not filed by a specified deadline. Authorizes modification of the bankruptcy plan after its confirmation in order to provide for the payment of a non-priority unsecured claim presented by a governmental unit that arose after the petition filing date.

Family Farmer Bankruptcy Tax Clarification Act of 2012

Sen. Chuck Grassley [R-IA]

Sen. Al Franken [D-MN]

Date	Chamber	Action
2012-09-13	Senate	Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S6343)
2012-09-13	Senate	Sponsor introductory remarks on measure. (CR S6342-6343)

Type	Source
Summary	https://www.congress.gov/bill/112th-congress/senate-bill/3545/all-info
Text	https://www.congress.gov/112/bills/s3545/BILLS-112s3545is.pdf