Bill > HR1083

This bill amends the Internal Revenue Code to create a new tax provision that excludes from gross income any gain from the sale of certain real property interests to qualified organizations under the Readiness and Environmental Protection Integration (REPI) program administered by the Department of Defense. Specifically, the bill allows taxpayers to avoid paying capital gains tax when selling their entire property interest, a remainder interest, or a perpetual use restriction to an organization qualified under existing charitable donation rules, as long as the sale is connected to the REPI program's environmental and military readiness objectives. The bill includes several nuanced provisions, such as allowing mineral interests to be retained without disqualifying the sale, and provides a special exception for family-owned pass-through entities like partnerships and S corporations. There is a limitation that prevents pass-through entities from claiming this tax exclusion if they acquired the property through a sale within the past three years, with exceptions made for family-owned entities. The tax exclusion will apply to taxable years beginning after the date of the bill's enactment, providing a new financial incentive for property owners to participate in the REPI program's conservation and military base protection efforts.

Budget and Finance

https://www.congress.gov/bill/119th-congress/house-bill/1083/all-info