S.3545 - Family Farmer Bankruptcy Tax Clarification Act of 2012112th Congress (2011-2012)
Summary: S.3545 — 112th Congress (2011-2012)
Introduced in Senate (09/13/2012)
Family Farmer Bankruptcy Tax Clarification Act of 2012 - Amends chapter 12 (Debt Adjustment of a Family Farmer or Fisherman with Regular Annual Income) of federal bankruptcy law to revise the exclusion from the requirement of full payment under a discharged debtor's plan of any claim owed to a governmental unit arising as a result of the sale, transfer, exchange, or other disposition of a farm asset used in the debtor's farming operation (in which case the claim is treated as unsecured and not entitled to priority payment).
Requires the debtor's plan to provide for: (1) the treatment as a non-priority unsecured claim of any claim owed to a governmental unit by the debtor or the estate arising as a result of the sale, transfer, exchange, or other disposition of a farm asset; but also (2) the payment of that claim. Repeals the precondition that such treatment may be made only if the debtor receives a discharge in bankruptcy.
Authorizes a governmental unit to file postpetition claims relating to the disposition of farm assets.
Authorizes the trustee or the debtor, also, to file such postpetition claims (including a claim for a tax for which a return is due) if the governmental unit has not filed by a specified deadline.
Authorizes modification of the bankruptcy plan after its confirmation in order to provide for the payment of a non-priority unsecured claim presented by a governmental unit that arose after the petition filing date.