Tax Empowerment and Relief for Farmers and Fishermen (TERFF) Act

The Tax Empowerment and Relief for Farmers and Fishermen (TERFF) Act proposes several changes to the tax code designed to provide financial flexibility and relief to agricultural and fishing businesses. Key provisions include allowing these businesses to set aside up to 20% of their income in tax-deferred risk management accounts to prepare for lean years and extending "income averaging" to fishermen to help stabilize their tax burden during volatile seasons. Additionally, the bill would lower taxes on certain land rental income and conservation payments, while making it easier for individuals to claim tax deductions for donating food to charity.