Emergency Citrus Disease Response Act of 2016

Bill: 114-hr-3957
Sponsor: full_name: Rep. Buchanan, Vern [R-FL-16]
Introduced: 2015-11-05
Policy area: Taxation
Subjects: Business investment and capital

Forests, forestry, trees

Fruit and vegetables

Horticulture and plants

Income tax deductions
Latest action: action_date: 2016-09-22
text: Received in the Senate.

Summaries:
action_date: 2015-11-05
action_desc: Introduced in House
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>

action_date: 2016-09-16
action_desc: Reported to House with amendment(s)
text: <p><strong>Emergency Citrus Disease Response Act </strong><b>of 2016</b></p> <p>(Sec. 2) 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>

action_date: 2016-09-21
action_desc: Passed House amended
text: <p>(This measure has not been amended since it was reported to the House on September 16, 2016. The summary of that version is repeated here.)</p> <p><strong>Emergency Citrus Disease Response Act </strong><b>of 2016</b></p> <p>(Sec. 2) 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: I 114th CONGRESS 1st Session H. R. 3957 IN THE HOUSE OF REPRESENTATIVES November 5, 2015 Mr. Buchanan (for himself, Mr. Rooney of Florida , Mr. Ross , Mr. Jolly , Mr. Diaz-Balart , Ms. Castor of Florida , Mr. Yoho , Mr. Crenshaw , Mr. Curbelo of Florida , Mr. Bilirakis , Mr. Murphy of Florida , Mr. Hastings , and Ms. Wasserman Schultz ) 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.

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.

tv_txt: IB 114th CONGRESS 2d Session H. R. 3957 IN THE HOUSE OF REPRESENTATIVES AN ACT 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 of 2016 . 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.

Passed the House of Representatives September 21, 2016. Karen L. Haas, Clerk.

tv_txt: II 114th CONGRESS 2d Session H. R. 3957 IN THE SENATE OF THE UNITED STATES September 22, 2016 Received AN ACT 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 of 2016 . 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.

Passed the House of Representatives September 21, 2016. Karen L. Haas, Clerk

tv_txt: IB Union Calendar No. 582 114th CONGRESS 2d Session H. R. 3957 [Report No. 114–749] IN THE HOUSE OF REPRESENTATIVES November 5, 2015 Mr. Buchanan (for himself, Mr. Rooney of Florida , Mr. Ross , Mr. Jolly , Mr. Diaz-Balart , Ms. Castor of Florida , Mr. Yoho , Mr. Crenshaw , Mr. Curbelo of Florida , Mr. Bilirakis , Mr. Murphy of Florida , Mr. Hastings , and Ms. Wasserman Schultz ) introduced the following bill; which was referred to the Committee on Ways and Means September 16, 2016 Additional sponsors: Mr. Posey , Mr. Clawson of Florida , Mr. Deutch , Ms. Frankel of Florida , Ms. Graham , Ms. Ros-Lehtinen , Mr. DeSantis , Mr. Mica , Mr. Webster of Florida , Mr. Grayson , Mr. Olson , Ms. Wilson of Florida , Mr. Gosar , Mr. Schweikert , Ms. Brown of Florida , Mr. Franks of Arizona , Mr. Miller of Florida , Mr. Nugent , Mr. Salmon , Mr. Cuellar , and Mr. Vela September 16, 2016 Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed Strike out all after the enacting clause and insert the part printed in italic For text of introduced bill, see copy of bill as introduced on November 5, 2015 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 of 2016 . 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.

September 16, 2016 Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed