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, including aquaculture; and (2) whose average annual gross income for the three preceding taxable years is at least 50 percent attributable to farming.…