S. 83Senate109th Congress (2005-2007)In Committee

A bill to amend the Internal Revenue Code of 1986 to provide tax relief for the conversion of cooperative housing corporations into condominiums.

Introduced January 24, 2005

Legislative Activity

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2 earlier actions
SenateIntro Referral Latest Action

Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S255)

January 24, 2005

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SenateIntro Referral

Introduced in Senate

January 24, 2005

SenateIntro Referral

Sponsor introductory remarks on measure. (CR S255)

January 24, 2005

SenateIntro Referral

Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S255)

January 24, 2005

Floor Debate

24 members

What members said about S. 83 on the floor

9 Republicans15 Democrats
Dianne Feinstein
Sen. Dianne FeinsteinD-CA · Jan 24, 2005

Mr. President, on behalf of Senator Hutchison and myself, I rise today to introduce legislation to reauthorize the tremendously successful Breast Cancer Research Stamp for 2 additional years. Without…

Daniel K. Inouye
Sen. Daniel K. InouyeD-HI · Jan 24, 2005

Mr. President, today I introduce the United States Military Cancer Institute Research Collaborative Act. This legislation would formally establish the United States Military Cancer Institute (USMCI),…

Edward M. Kennedy
Sen. Edward M. KennedyD-MA · Jan 24, 2005

Mr. President, it's an honor to join our Democratic Leader and so many of our colleagues in introducing the Affordable Health Care Act. This legislation states our strong commitment as Democrats to…

Maria Cantwell
Sen. Maria CantwellD-WA · Jan 24, 2005

Mr. President, today I am joining my good friend the Senator from Texas, (Mrs. Hutchison), and the Senator from Tennessee, the Majority Leader, Mr. Frist, in legislation to permanently extend the…

Carl Levin
Sen. Carl LevinD-MI · Jan 24, 2005

Mr. President, I am honored to introduce the Standing with Our Troops Act of 2005. This bill addresses the needs of the Soldiers, Sailors, Airmen, and Marines who have responded so bravely to the…

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Chuck Grassley
Sen. Chuck GrassleyR-IA · Mar 15, 2006

Mr. President, I have some points I would like to make. Before I do that, I will respond to a couple of points that the Senator from Florida made. One was his speaking about the bewilderment among…

Russell D. Feingold
Sen. Russell D. FeingoldD-WI · Jan 24, 2005

Mr. President, I am pleased to reintroduce legislation that would put an end to automatic cost-of-living adjustments for congressional pay. As I have noted when I raised this issue in past years, it…

John F. Kerry
Sen. John F. KerryD-MA · Jan 24, 2005

Mr. President, as Ranking Member of the Small Business and Entrepreneurship Committee, today I am introducing a package of bills that will help small business owners with access to loans, business…

Paul S. Sarbanes
Sen. Paul S. SarbanesD-MD · Jan 24, 2005

Mr. President, today I am introducing the International Remittance Consumer Protection Act of 2005. This legislation extends basic consumer protection rights to those who send remittances, and it…

James M. Inhofe
Sen. James M. InhofeR-OK · Jan 24, 2005

Mr. President, I rise today, as an experienced pilot over age 60, along with my colleagues, Senator Stevens and Senator Burns, to introduce a bill that will help end age discrimination among airline…

Bill Nelson
Sen. Bill NelsonD-FL · Mar 15, 2006

Will the Senator from North Dakota yield? I would proffer a unanimous consent request that since the Senator from Iowa is not able to be here right now--it is my understanding he is delayed in…

Kent Conrad
Sen. Kent ConradD-ND · Mar 15, 2006

Mr. President, let me say on this side we agree entirely with the need to put more resources into enforcing the border. And that part of the Senator's amendment on our side we strongly support. Let…

Michael B. Enzi
Sen. Michael B. EnziR-WY · Jan 24, 2005

Mr. President, as reports continue to appear in the media, there can be little doubt that a critical area of homeland security, and one on which I will be focusing as Chairman of the Health,…

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Patrick J. Leahy
Sen. Patrick J. LeahyD-VT · Mar 15, 2006

Mr. President, it is regrettable, and it is frustrating, that once again we find ourselves having to speak out on the shortfalls in the budget resolution for key community and economic development…

Kay Bailey Hutchison
Sen. Kay Bailey HutchisonR-TX · Jan 24, 2005

Mr. President, over the past decade, Congress has approved over $46 billion in disaster relief and emergency spending. This is an average of $4.6 billion a year. The majority of this funding--$34…

Jon Kyl
Sen. Jon KylR-AZ · Mar 15, 2006

Mr. President, I thought the chairman of the Committee on the Budget, Senator Gregg, might give us a little bit more texture about the order of the day, but I think the majority leader pointed out…

Larry E. Craig
Sen. Larry E. CraigR-ID · Jan 24, 2005

Mr. President, I rise to address an issue that has begun to emerge and gain our attention in rural America. This issue is an important one because it has the potential to devastate, economically,…

George Allen
Sen. George AllenR-VA · Jan 24, 2005

Mr. President, I rise to bring to my colleagues' attention a bill I introduced today called the Honoring the Fallen Soldiers and Families Act of 2005, sharing the same views of Senator Sessions of…

Richard G. Lugar
Sen. Richard G. LugarR-IN · Jan 24, 2005

Mr. President, I rise today in support of a bill that I have introduced with Senator Carl Levin authorizing the extension of permanent normal trade relations treatment. Ukraine is still subject to…

Patty Murray
Sen. Patty MurrayD-WA · Mar 15, 2006

Mr. President, I am here because the Senator from Pennsylvania came to the floor this morning and offered an amendment on funding for Community Development Block Grant Programs. First of all, I am…

Daniel K. Akaka
Sen. Daniel K. AkakaD-HI · Jan 24, 2005

Mr. President, I rise today to introduce a bill that would make sweeping changes to the way the Department of Veterans Affairs (VA) delivers health care and benefits to our nation's veterans. S. 13…

Frank R. Lautenberg
Sen. Frank R. LautenbergD-NJ · Jan 24, 2005

Mr. President, I rise today to speak about a bill that Senator Corzine and I are introducing, the New Jersey Coastal Heritage Trail Route bill. Our bill would reauthorize a law based on a bill that…

Herb Kohl
Sen. Herb KohlD-WI · Jan 24, 2005

Mr. President, today I am introducing the Weekend Voting Act. This legislation will change the day for Congressional and Presidential elections from the first Tuesday in November to the first weekend…

Judd Gregg
Sen. Judd GreggR-NH · Mar 15, 2006

That is fine. Mr. President, I ask after we complete the Santorum debate we move to your amendment on avian flu and then that be followed by-- you have another amendment? I ask unanimous consent that…

Bill Text

Latest available legislative text

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Latest
Introduced in SenateIssued January 24, 2005

II

109th CONGRESS

1st Session

S. 83

IN THE SENATE OF THE UNITED STATES

January 24, 2005

Mr. Inouye introduced the following bill; which was read twice and referred to the Committee on Finance

A BILL

To amend the Internal Revenue Code of 1986 to provide tax relief for the conversion of cooperative housing corporations into condominiums.

1.

Nonrecognition of gain or loss on distributions by cooperative housing corporations

(a)

In general

Section 216(e) of the Internal Revenue Code of 1986 (relating to distributions by cooperative housing corporations) is amended to read as follows:

(e)

Distributions by cooperative housing corporations

(1)

In general

Except as provided in regulations—

(A)

no gain or loss shall be recognized to a cooperative housing corporation on the distribution by such corporation of a dwelling unit to a stockholder in such corporation if such distribution is in exchange for the stockholder’s stock in such corporation, and

(B)

no gain or loss shall be recognized to a stockholder of such corporation on the transfer of such stockholder’s stock in an exchange described in subparagraph (A).

(2)

Basis

The basis of a dwelling unit acquired in a distribution to which paragraph (1) applies shall be the same as the basis of the stock in the cooperative housing corporation for which it is exchanged, decreased in the amount of any money received by the taxpayer in such exchange.

(3)

Applicability

This subsection shall not apply with respect to any dwelling unit the basis of which includes financing under any Federal, State, or local program for the purpose of assisting the construction of affordable housing cooperatives or the conversion of rental units to affordable housing cooperatives.

.

(b)

Effective date

The amendment made by this section shall apply to distributions after the date of the enactment of this Act.