HR 3039 IHCommentsClose CommentsPermalink

To amend the Internal Revenue Code of 1986 to increase the time that taxpayers may use to make a tax-free exchange of like kind property.CommentsClose CommentsPermalink

July 12, 2007

Mr. SMITH of Nebraska (for himself, Mr. LINDER, Mr. BARTLETT of Maryland, Mr. LAMBORN, Mr. BISHOP of Utah, Mr. BRADY of Texas, Mr. PEARCE, Mr. KLINE of Minnesota, Mr. CAMPBELL of California, Mr. GINGREY, Mr. PITTS, Mr. MARCHANT, Mr. AKIN, Mr. HERGER, Mr. PRICE of Georgia, Mr. WILSON of South Carolina, Mr. SHADEGG, and Mr. MCCARTHY of California) introduced the following bill; which was referred to the Committee on Ways and MeansCommentsClose CommentsPermalink

To amend the Internal Revenue Code of 1986 to increase the time that taxpayers may use to make a tax-free exchange of like kind property.CommentsClose CommentsPermalink

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,CommentsClose CommentsPermalink

SECTION 1. SHORT TITLE.

This Act may be cited as the `Farmland Relief Act of 2007'.CommentsClose CommentsPermalink

SEC. 2. DOUBLING OF PERIOD FOR MAKING TAX-FREE LIKE KIND EXCHANGE.

(a) In General- Paragraph (3) of section 1031(a) of the Internal Revenue Code of 1986 (relating to exchange of property held for productive use or investment) is amended--CommentsClose CommentsPermalink





(1) by striking `45 days' and inserting `90 days',CommentsClose CommentsPermalink





(2) by striking `180 days' in the text and inserting `360 days', andCommentsClose CommentsPermalink





(3) by striking `180 DAYS' in the heading and inserting `360 DAYS'.CommentsClose CommentsPermalink





(b) Effective Date- The amendment made by this section shall apply to transfers after the date of the enactment of this Act in taxable years ending after such date.CommentsClose CommentsPermalink