← Back to Bills
H.R. 3268House109th Congress (2005-2007)In Committee

Eminent Domain Tax Relief Act of 2005

Sponsored by Phil GingreyRep. Phil Gingrey (R-GA)
Introduced July 13, 2005

Legislative Activity

Stay on top of the latest movement without scrolling through every action

4 earlier actions
HouseIntro Referral Latest Action

Sponsor introductory remarks on measure. (CR H6331)

July 22, 2005

View full timeline
HouseIntro Referral

Introduced in House

July 13, 2005

HouseIntro Referral

Referred to the House Committee on Ways and Means.

Ways and Means Committee

July 13, 2005

HouseIntro Referral

Sponsor introductory remarks on measure. (CR H5939)

July 18, 2005

HouseIntro Referral

Sponsor introductory remarks on measure. (CR H6114)

July 20, 2005

HouseIntro Referral

Sponsor introductory remarks on measure. (CR H6331)

July 22, 2005

Floor Debate

1 member

What members said about H.R. 3268 on the floor

1 Republican
Phil Gingrey
Rep. Phil GingreyR-GA-11 · Jul 22, 2005

Mr. Speaker, I rise today in support of H.R. 3268, the Eminent Domain Tax Relief Act of 2005. I introduced this bill to ensure tax fairness for all who lose any type of property through eminent…

Record

Bill Text

Latest available legislative text

Reading Mode
Latest
Raw Text PDF XML
Introduced in HouseIssued July 13, 2005

I

109th CONGRESS

1st Session

H. R. 3268

IN THE HOUSE OF REPRESENTATIVES

July 13, 2005

Mr. Gingrey (for himself, Mr. Akin, Mr. Pitts, Ms. Hart, Ms. Foxx, Mr. Shadegg, Mr. Graves, and Mr. Mack) introduced the following bill; which was referred to the Committee on Ways and Means

A BILL

To amend the Internal Revenue Code of 1986 to exclude from gross income gain from the conversion of property by reason of eminent domain.

1.

Short title

This Act may be cited as the Eminent Domain Tax Relief Act of 2005.

2.

Exclusion from gross income for gain from disposition of property by reason of eminent domain

(a)

In general

Part III of subchapter B of chapter 1 of the Internal Revenue Code of 1986 (relating to items specifically excluded from gross income) is amended by inserting after section 139A the following new section:

139B.

Gain from disposition of property by reason of eminent domain

(a)

In general

Gross income shall not include gain from the conversion (or threat or imminence thereof) of property in the United States by reason of the exercise of eminent domain by a governmental unit having the power to exercise eminent domain.

(b)

Coordination with other nonrecognition provisions

(1)

Gain

Gain excluded under subsection (a) shall not be treated as gain recognized or an amount realized for purposes of sections 467, 637(d), 1033, 1245, 1250, 1252, 1254, 1255, and 1402.

(2)

Section 1231

Section 1231 shall be applied without regard to this section.

(3)

Holding period

Section 1223(1) shall not apply.

(c)

Election not to claim credit

This section shall not apply to a taxpayer for any taxable year if such taxpayer elects to have this section not apply for such taxable year.

.

(b)

Clerical amendment

The table of sections for such part is amended by inserting after the item relating to section 139A the following new item:

Sec. 139B. Gain from disposition of property by reason of eminent domain

.

(c)

Effective date

The amendments made by this section shall apply to taxable years ending after the date of the enactment of this Act.