Emergency Citrus Disease Response Act

Bill: 114-s-2346
Sponsor: full_name: Sen. Nelson, Bill [D-FL]
Introduced: 2015-12-02
Policy area: Taxation
Subjects: Business investment and capital

Forests, forestry, trees

Fruit and vegetables

Horticulture and plants

Income tax deductions
Latest action: action_date: 2015-12-02
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2015-12-02
action_desc: Introduced in Senate
text: <p><strong>Emergency Citrus Disease Response Act </strong></p> <p>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 2025. </p>

tv_txt: II 114th CONGRESS 1st Session S. 2346 IN THE SENATE OF THE UNITED STATES December 2, 2015 Mr. Nelson 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.

1. Short title This Act may be cited as the Emergency Citrus Disease Response Act . 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, 2025. . (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.