Rural American Prosperity Act of 2001

H.R. 627, the Rural American Prosperity Act of 2001, was designed to provide financial relief and market expansion for agricultural workers and small business owners. The bill proposed the permanent repeal of estate and gift taxes, while allowing self-employed individuals to fully deduct their health insurance costs from their taxes. For farmers specifically, the legislation sought to reduce taxes on the sale of farmland, create tax-deferred risk management savings accounts, and expand international trade opportunities by exempting agricultural products from certain unilateral trade sanctions.