To amend the Internal Revenue Code of 1986 to provide for the nonrecognition of gain on real property held by individuals or small businesses which is involuntarily converted as the result of the exercise of eminent domain, without regard to whether such property is replaced.
Eminent Domain Relief for the Little Guy Act - Amends the Internal Revenue Code to allow the nonrecognition of gain from the involuntary conversion (by eminent domain) of property held by individuals, corporations, or partnerships with gross receipts of $5 million or less. Exempts such taxpayers from certain tax rules for involuntary conversions, including the requirement that the condemned property be converted into similar property within a specified two-year period.
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
Sponsor introductory remarks on measure. (CR E1152-1153)
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