I
110th CONGRESS
1st Session
H. R. 3039
IN THE HOUSE OF REPRESENTATIVES
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 Means
A BILL
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.
Short title
This Act may be cited as the
Farmland Relief Act of
2007
.
Doubling of period for making tax-free like kind exchange
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—
by
striking 45 days
and inserting 90 days
,
by striking
180 days
in the text and inserting 360 days
,
and
by striking
180
days
in the heading and inserting
360
days
.
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.