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[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 478 Introduced in House (IH)]

108th CONGRESS
  1st Session
                                H. R. 478

  To amend the Internal Revenue Code of 1986 to expand the rules for 
involuntary conversions of livestock sold on account of weather-related 
                              conditions.

_______________________________________________________________________

                    IN THE HOUSE OF REPRESENTATIVES

                            January 29, 2003

 Mr. McInnis (for himself, Mr. Pomeroy, Mr. Hayworth, Mr. Hulshof, Mr. 
   Herger, Mrs. Cubin, Mr. Hefley, Mr. Beauprez, Mrs. Musgrave, Ms. 
DeGette, Mr. Tancredo, and Mr. Peterson of Pennsylvania) 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 rules for 
involuntary conversions of livestock sold on account of weather-related 
                              conditions.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Rancher HELP (Help Extend Livestock 
Proceeds) Act of 2003''.

SEC. 2. SPECIAL RULES FOR LIVESTOCK SOLD ON ACCOUNT OF WEATHER-RELATED 
              CONDITIONS.

    (a) Rules for Replacement of Involuntarily Converted Livestock.--
Subsection (e) of section 1033 of the Internal Revenue Code of 1986 
(relating to involuntary conversions) is amended--
            (1) by striking ``Conditions.--For purposes'' and inserting 
        ``Conditions.--
            ``(1) In general.--For purposes'', and
            (2) by adding at the end the following new paragraph:
            ``(2) Extension of replacement period.--
                    ``(A) In general.--In the case of drought, flood, 
                or other weather-related conditions described in 
                paragraph (1) which result in the area being designated 
                as eligible for assistance by the Federal Government, 
                subsection (a)(2)(B) shall be applied with respect to 
                any converted property by substituting `4 years' for `2 
                years'.
                    ``(B) Further extension by secretary.--The 
                Secretary may extend on a regional basis the period for 
                replacement under this section (after the application 
                of subparagraph (A)) for such additional time as the 
                Secretary determines appropriate if the weather-
                related conditions which resulted in such application 
                continue for more than 3 years.''.
    (b) Income Inclusion Rules.--Section 451(e) of such Code (relating 
to special rule for proceeds from livestock sold on account of drought, 
flood, or other weather-related conditions) is amended by adding at the 
end the following new paragraph:
            ``(3) Special election rules.--If section 1033(e)(2) 
        applies to a sale or exchange of livestock described in 
        paragraph (1), the election under paragraph (1) shall be deemed 
        valid if made during the replacement period described in such 
        section.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to any taxable year with respect to which the due date (without 
regard to extensions) for the return is after December 31, 2002.
                                 <all>
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