S. 3669 · 117th Congress
1031 Exchange Improvement Act
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Never voted on. It didn't reach a floor vote before the 117th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
LeeSponsor3 cosponsors · 3 R
3 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
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.)
What it does: CRS summary · Introduced in Senate · Feb 16, 2022
1031 Exchange Improvement Act
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.)
Specifically, the bill eliminates the requirement that a substitute property be identified within 45 days of the sale of the original property.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: 1031 Exchange Improvement Act
Latest action (Feb 16, 2022): Read twice and referred to the Committee on Finance.
Policy area: Taxation · Origin: Senate · Introduced: Feb 16, 2022
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.