Puerto Rico Real Estate Exchange Fairness Act of 2018

Bill: 115-hr-5430
Sponsor: full_name: Resident Commissioner González-Colón, Jenniffer [R-PR-At Large]
Introduced: 2018-04-05
Policy area: Taxation
Subjects: Puerto Rico

Real estate business

Tax administration and collection, taxpayers

U.S. territories and protectorates
Latest action: action_date: 2018-04-05
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2018-04-05
action_desc: Introduced in House
text: <p><b>Puerto Rico Real Estate Exchange Fairness Act of 2018 </b></p> <p>This bill amends the Internal Revenue Code to require Puerto Rico to be treated as part of the United States for the purpose of determining if an exchange of real property qualifies as a like-kind exchange. (Under current law, real property located in the United States and real property located outside of the United States are not property of a like kind.) </p>

tv_txt: I 115th CONGRESS 2d Session H. R. 5430 IN THE HOUSE OF REPRESENTATIVES April 5, 2018 Miss González-Colón of Puerto Rico (for herself and Mr. Soto ) 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 treat Puerto Rico as part of the United States for purposes of determining whether property qualifies for treatment as a like-kind exchange.

1. Short title This Act may be cited as the Puerto Rico Real Estate Exchange Fairness Act of 2018 . 2. Puerto Rico treated as part of United States for purposes of determination of like-kind exchanges (a) In general Section 1031(h) of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph: (3) United States For purposes of this subsection, the term United States shall be treated as including Puerto Rico. . (b) Effective date The amendment made by this section shall apply to exchanges completed after the date of the enactment of this Act.