To amend the Internal Revenue Code of 1986 to allow farmers to income average.

[AI summary unavailable — showing source text] Repeals specified provisions of the Tax Reform Act of 1986 that eliminated income averaging. Amends the Internal Revenue Code to permit the use of income averaging by any person: (1) actively engaged in the trade or business of farming; (2) whose gross income for the three preceding taxable years is at least 50 percent attributable to farming; (3) whose farming business or trade either has needed emergency livestock or crop loss assistance or has been substantially affected in the first preceding taxable year by a natural disaster in the United States or by a major disaster or emergency so designated by the President; and (4) whose farming enterprise has sustained, as a result of the disaster, at least a 30 percent loss of normal per acre or per animal production, based on specified criteria.…