CROP INSURANCE PROCEEDS.

SEC. 215. CROP INSURANCE PROCEEDS. (a) Year in Which Included in Income.—Section 451 (relating to general rule for taxable year of inclusion) is amended by adding at the end thereof the following new subsection: “(d) Special Rule for Crop Insurance Proceeds.—In the case of insurance proceeds received as a result of destruction or damage to crops, a taxpayer reporting on the cash receipts and disbursements method of accounting may elect to include such proceeds in income for the taxable year following the taxable year of destruction or damage, if he establishes that, under his practice, income from such crops would have been reported in a following taxable year. An election under this subsection for any taxable year shall be made at such time and in such manner as the Secretary or his delegate prescribes.” (b) Effective Date.—The amendment made by subsection (a) shall apply to taxable years ending after the date of the enactment of this Act.