Title: Emergency Citrus Disease Response Act of 2017
Policy area: Taxation

Summary:
Emergency Citrus Disease Response Act of 2017
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 2026.

[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 112 Introduced in House (IH)]

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115th CONGRESS
  1st Session
                                H. R. 112

    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 HOUSE OF REPRESENTATIVES

                            January 3, 2017

Mr. Buchanan (for himself, Mr. Thomas J. Rooney of Florida, Ms. Frankel 
 of Florida, Mr. Posey, Mr. Vela, Mr. Yoho, Mr. Gonzalez of Texas, Mr. 
   Bilirakis, Ms. Ros-Lehtinen, and Mr. Diaz-Balart) 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 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 of 2017''.

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 
                        December 31, 2026.''.
    (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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