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H.R. 3957 (114th): Emergency Citrus Disease Response Act of 2016

The text of the bill below is as of Nov 5, 2015 (Introduced).


I

114th CONGRESS

1st Session

H. R. 3957

IN THE HOUSE OF REPRESENTATIVES

November 5, 2015

(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.