H.R. 3039 – Reading Mode

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

(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—

(1)

by striking 45 days and inserting 90 days,

(2)

by striking 180 days in the text and inserting 360 days, and

(3)

by striking 180 days in the heading and inserting 360 days.

(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.