To extend permanently chapter 12 of title 11, United States Code, and to amend the Internal Revenue Code of 1986 to facilitate the bankruptcy and debt restructuring process relating to farmers.

[AI summary unavailable — showing source text] Amends the Bankruptcy Judges, United States Trustees, and Family Farmer Bankruptcy Act of 1986 to repeal the termination date for bankruptcy law governing debt adjustments of family farmers with regular annual income (thus making such law permanent). Amends the Internal Revenue Code to apply its rules relating to individuals' title 11 (bankruptcy) cases to such family farmer debt adjustments. Declares that gross income of the debtor's estate, for tax purposes, shall include any income in connection with abandonment to the debtor of property burdensome to the estate or inconsequential in value, if the income arose before abandonment. Excludes such income from the debtor's gross income.…