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Bill > HR112


US HR112

Emergency Citrus Disease Response Act of 2017


summary

Introduced
01/03/2017
In Committee
01/03/2017
Crossed Over
Passed
Dead
12/31/2018

Introduced Session

115th Congress

Bill Summary

Emergency Citrus Disease Response Act of 2017 This bill amends the Internal Revenue Code to allow a full deduction in the current taxable year of the cost of replanting lost or damaged citrus plants. The taxpayer must own an equity interest of at least 50% in such replanted plants and may deduct costs paid or incurred through 2026.

AI Summary

This bill amends the Internal Revenue Code to allow a full deduction in the current taxable year of the cost of replanting lost or damaged citrus plants. The taxpayer must own an equity interest of at least 50% in the replanted plants and may deduct costs paid or incurred through 2026. This provision applies to situations where the taxpayer's equity interest is held by another person, or where the taxpayer has sold the entirety of their equity interest in the land on which the lost or damaged plants were located, and the replanting is done on that same land.

Committee Categories

Budget and Finance

Sponsors (33)

Last Action

Referred to the House Committee on Ways and Means. (on 01/03/2017)

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