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H.R. 1742: Real Estate Exchange Fairness Act of 2021


The text of the bill below is as of Mar 10, 2021 (Introduced).


I

117th CONGRESS

1st Session

H. R. 1742

IN THE HOUSE OF REPRESENTATIVES

March 10, 2021

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.