To amend the Internal Revenue Code of 1986 to expand the nontaxable exchange period within which commercial citrus trees destroyed under public order due to the citrus tree canker may be replaced.

Amends the Internal Revenue Code of 1986 to provide that, in the case of commercial citrus trees which are compulsorily or involuntarily converted under a public order as a result of the citrus tree canker, the period within which such property must be replaced (nontaxable exchange period) shall be four years after the taxable year in which a State or Federal plant health authority determines that the land on which such trees grew is free from the bacteria that causes citrus tree canker.

[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2823 Introduced in House (IH)]







107th CONGRESS
  1st Session
                                H. R. 2823

  To amend the Internal Revenue Code of 1986 to expand the nontaxable 
 exchange period within which commercial citrus trees destroyed under 
      public order due to the citrus tree canker may be replaced.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             August 2, 2001

    Mrs. Thurman (for herself, Mr. Foley, Mr. Boyd, Mr. Hastings of 
  Florida, Mr. Putnam, and Ms. Ros-Lehtinen) 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 expand the nontaxable 
 exchange period within which commercial citrus trees destroyed under 
      public order due to the citrus tree canker may be replaced.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. EXPANSION OF PERIOD WITHIN WHICH CONVERTED CITRUS TREE 
              PROPERTY MUST BE REPLACED.

    (a) In General.--Section 1033 of the Internal Revenue Code of 1986 
(relating to period within which property must be replaced) is amended 
by redesignating subsection (k) as subsection (l) and by inserting 
after subsection (j) the following new subsection:
    ``(k) Commercial Trees Destroyed Because of Citrus Tree Canker.--In 
the case of commercial citrus trees which are compulsorily or 
involuntarily converted under a public order as a result of the citrus 
tree canker, clause (i) of subsection (a)(2)(B) shall be applied as if 
such clause read: `4 years after the taxable year in which a State or 
Federal plant health authority determines that the land on which such 
trees grew is free from the bacteria that causes citrus tree 
canker'.''.
    (b) Effective Date.--The amendment made by subsection (a) shall 
apply to taxable years beginning before, on, or after the date of the 
enactment of this Act.
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