§ 26-51-314. Payments from an agricultural disaster program to a cattle farmer or cattle rancher

AR Code § 26-51-314 (2018) (N/A)

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(a) As used in this section, "agricultural disaster program" means a program that provides compensation to a cattle farmer or cattle rancher who has suffered a loss as the result of an emergency, a disaster, or declining market prices or value, including without limitation the following programs:

(1) Livestock Forage Disaster Program;

(2) Livestock Indemnity Program;

(3) Emergency Assistance for Livestock, Honeybees, and Farm-Raised Fish;

(4) Emergency Conservation Program;

(5) Noninsured Crop Disaster Assistance Program;

(6) Pasture, Rangeland, Forage Pilot Insurance Program;

(7) Annual Forage Pilot Program;

(8) Livestock Risk Protection Insurance Plan; and

(9) Livestock Gross Margin insurance plan.

(b) There is allowed an exemption from the income tax imposed by the Income Tax Act of 1929, § 26-51-101 et seq., for payments made to a cattle farmer or cattle rancher from an agricultural disaster program.

(c) Expenses for losses related to the receipt of a payment from an agricultural disaster program to a cattle farmer or cattle rancher are not deductible or otherwise permitted to offset any other income from the tax year in which the loss or expenses are incurred.

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