A bill to amend the Internal Revenue Code of 1986 to defer the tax consequences of the repayment of a Commodity Credit Corporation loan with a generic commodity certificate.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code with respect to income taxation of generic commodity certificates (PIK certificates) used to repay Commodity Credit Corporation (CCC) loans. Taxes the certificates based on the earlier of: (1) the date on which the commodity used as collateral for the loan is sold; or (2) the date nine months after the loan was originally received. Disallows this treatment if the taxpayer chose to consider the CCC loan as income for the taxable year in which it was received. Applies to loans made after 1985.…