1031 Exchange Improvement Act

Bill: 117-s-3669
Sponsor: full_name: Sen. Lee, Mike [R-UT]
Introduced: 2022-02-16
Policy area: Taxation
Latest action: action_date: 2022-02-16
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2022-02-16
action_desc: Introduced in Senate
text: <p><strong>1031 Exchange Improvement Act</strong></p> <p>This bill revises the tax rule allowing deferral of gain for like kind exchanges of commercial property. (That rule provides that no gain or loss shall be recognized on the exchange of real property held for productive use in a trade or business or for investment if such real property is exchanged solely for real property of like kind.)</p> <p>Specifically, the bill eliminates the requirement that a substitute property be identified within 45 days of the sale of the original property.</p>

tv_txt: II 117th CONGRESS 2d Session S. 3669 IN THE SENATE OF THE UNITED STATES February 16, 2022 Mr. Lee (for himself, Mr. Braun , Mr. Cruz , and Mr. Marshall ) 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 modify rules relating to like kind exchanges.

1. Short title This Act may be cited as the 1031 Exchange Improvement Act . 2. Property identification requirement (a) In general Subparagraph (A) of section 1031(a)(3) of the Internal Revenue Code of 1986 is amended by striking the day which and all that follows through the comma and inserting the date such property is received, . (b) Effective date The amendment made by this section shall apply to exchanges completed after the date of the enactment of this Act.