Water and Agriculture Tax Reform Act of 2018

Bill: 115-hr-519
Sponsor: Rep. Buck, Ken [R-CO-4]
Introduced: 2017-01-13 in the House
Policy area: Taxation
Subjects: Business investment and capital
Corporate finance and management
Farmland
Financial services and investments
Land transfers
Securities
Tax-exempt organizations
Water use and supply

Summary:
action_date: 2017-01-13
text: 

Water and Agriculture Tax Reform Act of 201

7

 
This bill amends the Internal Revenue Code to permit tax-exempt mutual ditch or irrigation companies to earn income from dispositions of certain real property and stock interests without affecting their tax-exempt status, but requires that such income be used to pay the costs of operations, maintenance, and capital improvements of such a company.
 
The bill also establishes a rule regarding the organizational governance of mutual ditch or irrigation companies. Where state law provides that such a company may be organized in a manner that permits voting on a basis that is pro rata to share ownership on corporate governance matters, the tax-exempt status of the mutual ditch or irrigation company must be determined without taking into account whether its member shareholders have one vote on corporate governance matters per share held in the corporation. 

action_date: 2018-07-23
text: 

Water and Agriculture Tax Reform Act of 201

8

 
This bill amends the Internal Revenue Code to permit tax-exempt mutual ditch or irrigation companies to earn income from dispositions of certain real property and stock interests without affecting their tax-exempt status, but requires that such income be used to pay the costs of operations, maintenance, and capital improvements of such a company.
 
The bill also establishes a rule regarding the organizational governance of mutual ditch or irrigation companies. Where state law provides that such a company may be organized in a manner that permits voting on a basis that is pro rata to share ownership on corporate governance matters, the tax-exempt status of the mutual ditch or irrigation company must be determined without taking into account whether its member shareholders have one vote on corporate governance matters per share held in the corporation. 


Legislative actions:
action_date: 2018-07-25
text: Received in the Senate and Read twice and referred to the Committee on Finance.
action_date: 2018-07-24
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2018-07-24
text: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H7110-7111)
action_date: 2018-07-24
text: Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.(text: CR H7110-7111)
action_date: 2018-07-24
text: DEBATE - The House proceeded with forty minutes of debate on H.R. 519.
action_date: 2018-07-24
text: Considered under suspension of the rules. (consideration: CR H7110-7112)
action_date: 2018-07-24
text: Mr. Roskam moved to suspend the rules and pass the bill, as amended.
action_date: 2018-07-23
text: Placed on the Union Calendar, Calendar No. 664.
action_date: 2018-07-23
text: Reported (Amended) by the Committee on Ways and Means. H. Rept. 115-857.
action_date: 2018-07-23
text: Reported (Amended) by the Committee on Ways and Means. H. Rept. 115-857.
action_date: 2018-06-21
text: Ordered to be Reported by Voice Vote.
action_date: 2018-06-21
text: Committee Consideration and Mark-up Session Held.
action_date: 2017-01-13
text: Referred to the House Committee on Ways and Means.
action_date: 2017-01-13
text: Introduced in House
action_date: 2017-01-13
text: Introduced in House