S.Amdt. 4412
What it does: Adds SEC. ___. CLARIFICATION OF TREATMENT OF SALES OR EXCHANGES OF WETLAND MITIGATION CREDITS AS LONG-TERM CAPITAL GAIN OR LOSS wherever appropriate
Sen. Mary L. Landrieu (D-LA)What it changes
1 change to H.R. 5297
Adds SEC. ___. CLARIFICATION OF TREATMENT OF SALES OR EXCHANGES OF WETLAND MITIGATION CREDITS AS LONG-TERM CAPITAL GAIN OR LOSS wherever appropriate
Adds a sectionInserted: SEC. ___. CLARIFICATION OF TREATMENT OF SALES OR EXCHANGES OF WETLAND MITIGATION CREDITS AS LONG-TERM CAPITAL GAIN OR LOSS.
Inserted: (a) In General.--Part IV of subchapter P of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after section 1257 the following new section:
Inserted: "SEC. 1257A. GAINS OR LOSSES FROM SALES OR EXCHANGES OF WETLANDS MITIGATION CREDITS.
Inserted: "(a) General Rule.--Gain or loss attributable to the sale or exchange of a mitigation bank credit by the sponsor of the mitigation bank who earned such credit shall be considered the sale or exchange of a capital asset held for more than 1 year.
Inserted: "(b) Definitions.--For purposes of this section, the terms 'mitigation bank' and 'mitigation bank credit' have the respective meanings given such terms by part 332 of title 33 of the Code of Federal Regulations.".
Inserted: (b) Clerical Amendment.--The table of sections for part IV of subchapter P of chapter 1 of such Code is amended by inserting after the item relating to section 1257 the following new item:
Inserted: "Sec. 1257A. Gains or losses from sales or exchanges of wetlands mitigation credits.".
Inserted: (c) Effective Date.--The amendments made by this section shall apply with respect to sales or exchanges of mitigation bank credits occurring before, on, or after the date of enactment of this Act.
Inserted: SEC. ___. EXEMPTION OF WETLAND MITIGATION CREDIT SALES FROM FIRPTA.
Inserted: (a) In General.--Section 897(c)(6) of the Internal Revenue Code of 1986 is amended by adding at the end the following new subparagraph:
Inserted: "(D) Exemption of wetland mitigation credit sales.--The term 'United States real property interest' does not include any mitigation bank credit (as defined in part 332 of title 33 of the Code of Federal Regulations.".
Inserted: (b) Conforming Amendment.--Section 897(c)(1)(A) of such Code is amended by inserting "and paragraph (6)(C)" after "subparagraph (B)".
Show 1 more inserted paragraphShow less
Inserted: (c) Effective Date.--The amendments made by this section shall apply with respect to sales or exchanges of mitigation bank credits occurring before, on, or after the date of enactment of this Act.
The amendment doesn't say where this goes; the clerk decides.
Original wording
At the appropriate place, insert the following:
Read automatically from the Congressional Record. Check the original before relying on it.
As printed
SA 4412. Ms. LANDRIEU submitted an amendment intended to be proposed by her to the bill H.R. 5297, to create the Small Business Lending Fund Program to direct the Secretary of the Treasury to make capital investments in eligible institutions in order to increase the availability of credit for small businesses, to amend the Internal Revenue Code of 1986 to provide tax incentives for small business job creation, and for other purposes; which was ordered to lie on the table; as follows:
At the appropriate place, insert the following:
SEC. ___. CLARIFICATION OF TREATMENT OF SALES OR EXCHANGES OF WETLAND MITIGATION CREDITS AS LONG-TERM CAPITAL GAIN OR LOSS.
(a) In General.--Part IV of subchapter P of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after section 1257 the following new section:
“SEC. 1257A. GAINS OR LOSSES FROM SALES OR EXCHANGES OF WETLANDS MITIGATION CREDITS.
“(a) General Rule.--Gain or loss attributable to the sale or exchange of a mitigation bank credit by the sponsor of the mitigation bank who earned such credit shall be considered the sale or exchange of a capital asset held for more than 1 year.
“(b) Definitions.--For purposes of this section, the terms ‘mitigation bank' and ‘mitigation bank credit' have the respective meanings given such terms by part 332 of title 33 of the Code of Federal Regulations.”.
(b) Clerical Amendment.--The table of sections for part IV of subchapter P of chapter 1 of such Code is amended by inserting after the item relating to section 1257 the following new item:
“Sec. 1257A. Gains or losses from sales or exchanges of wetlands mitigation credits.”.
(c) Effective Date.--The amendments made by this section shall apply with respect to sales or exchanges of mitigation bank credits occurring before, on, or after the date of enactment of this Act.
SEC. ___. EXEMPTION OF WETLAND MITIGATION CREDIT SALES FROM FIRPTA.
(a) In General.--Section 897(c)(6) of the Internal Revenue Code of 1986 is amended by adding at the end the following new subparagraph:
“(D) Exemption of wetland mitigation credit sales.--The term ‘United States real property interest' does not include any mitigation bank credit (as defined in part 332 of title 33 of the Code of Federal Regulations.”.
(b) Conforming Amendment.--Section 897(c)(1)(A) of such Code is amended by inserting “and paragraph (6)(C)” after “subparagraph (B)”.
(c) Effective Date.--The amendments made by this section shall apply with respect to sales or exchanges of mitigation bank credits occurring before, on, or after the date of enactment of this Act.
Legislative Activity
Stay on top of the latest movement without scrolling through every action
Senate amendment submitted
June 29, 2010