Real Estate Exchange Fairness Act of 2021

Bill: 117-hr-1742
Sponsor: full_name: Resident Commissioner González-Colón, Jenniffer [R-PR-At Large]
Introduced: 2021-03-10
Policy area: Taxation
Subjects: Puerto Rico

Real estate business

Tax administration and collection, taxpayers

U.S. territories and protectorates
Latest action: action_date: 2021-03-10
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2021-03-10
action_desc: Introduced in House
text: <p><b> Real Estate Exchange Fairness Act of 2021</b></p> <p>This bill requires 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 for tax purposes. (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 117th CONGRESS 1st Session H. R. 1742 IN THE HOUSE OF REPRESENTATIVES March 10, 2021 Miss González-Colón 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 real property qualifies for treatment as a like-kind exchange.

1. Short title This Act may be cited as the Real Estate Exchange Fairness Act of 2021 . 2. Puerto Rico treated as part of United States for purposes 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: For purposes of the preceding sentence, 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.