To amend the Internal Revenue Code of 1986 to facilitate water leasing and water transfers to promote conservation and efficiency.
Water and Agriculture Tax Reform Act of 2018
This bill amends the Internal Revenue Code to permit tax-exempt mutual ditch or irrigation companies to earn income from dispositions of certain real property and stock interests without affecting their tax-exempt status, but requires that such income be used to pay the costs of operations, maintenance, and capital improvements of such a company.
The bill also establishes a rule regarding the organizational governance of mutual ditch or irrigation companies. Where state law provides that such a company may be organized in a manner that permits voting on a basis that is pro rata to share ownership on corporate governance matters, the tax-exempt status of the mutual ditch or irrigation company must be determined without taking into account whether its member shareholders have one vote on corporate governance matters per share held in the corporation.
Read twice and referred to the Committee on Finance.
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
Committee Consideration and Mark-up Session Held.
Ordered to be Reported by Voice Vote.
Reported (Amended) by the Committee on Ways and Means. H. Rept. 115-857.
Reported (Amended) by the Committee on Ways and Means. H. Rept. 115-857.
Placed on the Union Calendar, Calendar No. 664.
Mr. Roskam moved to suspend the rules and pass the bill, as amended.
Considered under suspension of the rules. (consideration: CR H7110-7112)
DEBATE - The House proceeded with forty minutes of debate on H.R. 519.
Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.(text: CR H7110-7111)
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On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H7110-7111)
Motion to reconsider laid on the table Agreed to without objection.
Received in the Senate and Read twice and referred to the Committee on Finance.