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
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.
This Act may be cited as the
Real Estate Exchange Fairness Act of 2021.
Puerto Rico treated as part of United States for purposes of like-kind exchanges
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.
The amendment made by this section shall apply to exchanges completed after the date of the enactment of this Act.