[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5211 Introduced in House (IH)]







106th CONGRESS
  2d Session
                                H. R. 5211

 To allow taxpayers to include compensation payments received pursuant 
to the Declaration on Extraordinary Emergency Because of Plum Pox Virus 
   by the Secretary of Agriculture as income or gain over a 10-year 
                                period.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           September 19, 2000

 Mr. Goodling introduced the following bill; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
 To allow taxpayers to include compensation payments received pursuant 
to the Declaration on Extraordinary Emergency Because of Plum Pox Virus 
   by the Secretary of Agriculture as income or gain over a 10-year 
                                period.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. TREATMENT OF PLUM POX VIRUS COMPENSATION PAYMENTS.

    (a) In General.--For purposes of the Internal Revenue Code of 1986, 
if the taxpayer elects the application of this section, any amount 
taken into account as income or gain by reason of receiving a plum pox 
virus compensation payment shall be included in the income of the 
taxpayer ratably over the 10-year period beginning with the taxable 
year in which the payment is received or accrued by the taxpayer.
    (b) Plum Pox Virus Compensation Payment.--The term ``plum pox virus 
compensation payment'' means a payment made as compensation for the 
quarantine and destruction of commercial stone fruit trees and any 
Prunus spp. plant material pursuant to the Declaration of Extraordinary 
Emergency Because of Plum Pox Virus published by the Secretary of 
Agriculture on March 2, 2000 (65 FR 11280-11281, Docket No. 00-001-1).
                                 <all>