Title: Emergency Citrus Disease Response Act
Policy area: Taxation

Summary:
Emergency Citrus Disease Response Act
This bill amends the Internal Revenue Code to allow a full deduction in the current taxable year of the cost of replanting lost or damaged citrus plants. The taxpayer must own an equity interest of at least 50% in such replanted plants and may deduct costs paid or incurred through the date that is ten years after the enactment of this bill.

[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[S. 71 Introduced in Senate (IS)]

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115th CONGRESS
  1st Session
                                 S. 71

    To amend the Internal Revenue Code of 1986 to temporarily allow 
 expensing of certain costs of replanting citrus plants lost by reason 
                              of casualty.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                            January 9, 2017

 Mr. Nelson (for himself and Mr. Rubio) introduced the following bill; 
     which was read twice and referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
    To amend the Internal Revenue Code of 1986 to temporarily allow 
 expensing of certain costs of replanting citrus plants lost by reason 
                              of casualty.

    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 ``Emergency Citrus Disease Response 
Act''.

SEC. 2. EXPENSING OF CERTAIN COSTS OF REPLANTING CITRUS PLANTS LOST BY 
              REASON OF CASUALTY.

    (a) In General.--Section 263A(d)(2) of the Internal Revenue Code of 
1986 is amended by adding at the end the following new subparagraph:
                    ``(C) Special temporary rule for citrus plants lost 
                by reason of casualty.--
                            ``(i) In general.--In the case of the 
                        replanting of citrus plants, subparagraph (A) 
                        shall apply to amounts paid or incurred by a 
                        person (other than the taxpayer described in 
                        subparagraph (A)) if--
                                    ``(I) the taxpayer described in 
                                subparagraph (A) has an equity interest 
                                of not less than 50 percent in the 
                                replanted citrus plants at all times 
                                during the taxable year in which such 
                                amounts were paid or incurred and such 
                                other person holds any part of the 
                                remaining equity interest, or
                                    ``(II) such other person acquired 
                                the entirety of such taxpayer's equity 
                                interest in the land on which the lost 
                                or damaged citrus plants were located 
                                at the time of such loss or damage, and 
                                the replanting is on such land.
                            ``(ii) Termination.--Clause (i) shall not 
                        apply to any cost paid or incurred after the 
                        date which is 10 years after the date of the 
                        enactment of the Emergency Citrus Disease 
                        Response Act.''.
    (b) Effective Date.--The amendment made by this section shall apply 
to costs paid or incurred after the date of the enactment of this Act.
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