To amend the Internal Revenue Code of 1986 to allow taxpayers to include citrus canker tree replacement payments made by the Secretary of Agriculture as income or gain over a 10-year period.

Amends the Internal Revenue Code to allow taxpayers to take citrus canker tree replacement payments into account as income or gain ratably over the ten-year period beginning with the taxable year in which the taxpayer receives or accrues the payment.

[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2824 Introduced in House (IH)]







107th CONGRESS
  1st Session
                                H. R. 2824

   To amend the Internal Revenue Code of 1986 to allow taxpayers to 
 include citrus canker tree replacement payments made by the Secretary 
        of Agriculture as income or gain over a 10-year period.


_______________________________________________________________________


                    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 allow taxpayers to 
 include citrus canker tree replacement payments made by the Secretary 
        of Agriculture as income or gain over a 10-year period.

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

SECTION 1. 10-YEAR RATABLE INCOME INCLUSION FOR CITRUS CANKER TREE 
              PAYMENTS.

    (a) In General.--Part I of subchapter Q of chapter 1 of the 
Internal Revenue Code of 1986 (relating to income averaging) is amended 
by inserting after section 1301 the following new section:

``SEC. 1302. 10-YEAR RATABLE INCOME INCLUSION FOR CITRUS CANKER TREE 
              PAYMENTS.

    ``(a) In General.--At the election of the taxpayer, any amount 
taken into account as income or gain by reason of receiving a citrus 
canker tree payment shall be included in the income of the taxpayer 
ratably over the 10-year period beginning with the taxable year in 
which the payment is received or accrued by the taxpayer.
    ``(b) Citrus Canker Tree Payment.--For purposes of subsection (a), 
the term `citrus canker tree payment' means a payment made to an owner 
of a commercial citrus grove to recover income that was lost as a 
result of the removal of commercial citrus trees to control canker 
under the amendments to the citrus canker regulations (7 C.F.R. 301) 
made by the final rule published in the Federal Register by the 
Secretary of Agriculture on June 18, 2001 (66 Fed. Reg. 32713, Docket 
No. 00-37-4).''.
    (b) Clerical Amendment.--The table of sections for part I of 
subchapter Q of chapter 1 of such Code is amended by inserting after 
the item relating to section 1301 the following new item:

                              ``Sec. 1302. 10-year ratable income 
                                        inclusion for citrus canker 
                                        tree payments.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to payments made before, on, or after the date of the enactment 
of this Act.
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