Summary
Rural America Prosperity Act of 2001 - Amends the Internal Revenue Code to: (1)allow self-employed individuals a full deduction for self-employed health insurance costs; (2) exclude from gross income gain from the sale of qualified farmland; (3) provide that income averaging by farmers shall not increase alternative minimum tax liability; (4) establish a Farm and Risk Management Account into which an individual engaged in an eligible farming business may deposit and deduct up to 20 percent of taxable income; (5) provide for a phased-in repeal of estate, gift, and generation-skipping taxes.
Directs the Comptroller General to conduct a a study of the costs of regulations on farmers, ranchers, and foresters.
Reciprocal Trade Agreement Authorities Act of 2001 - Authorizes the President, upon a determination that import restrictions are unduly burdening U.S. foreign trade, to enter into foreign trade agreements which: (1) open and expand U.S. market access; (2) reduce or eliminate trade barriers for U.S. exports; and (3) free investment fund transfers.
Agricultural Trade Freedom Act - Amends the Agricultural trade Act of 1978 to exempt, with exceptions, agricultural commodities, livestock, and products made available as a result of commercial sales from a unilateral trade sanction imposed by the United States on another country.
Lifecycle of the Bill
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