A bill to amend the Internal Revenue Code of 1986 to provide that certain transfers of a commodity pledged as collateral for Commodity Credit Corporation loans not be taken into account in computing Federal income tax liability.

[AI summary unavailable — showing source text] Amends Internal Revenue Code provisions relating to commodity credit loans. Provides that when a taxpayer transfers a commodity that serves as collateral for a Commodity Credit Corporation loan, repays the loan with the proceeds of the transfer, and repurchases the commodity with a commodity certificate, the original transfer shall not be considered a taxable event for income tax purposes. Applies retroactively, with a limited exception, to loan redemptions occurring in 1986 and thereafter.…