[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 377 Introduced in House (IH)]







108th CONGRESS
  1st Session
                                H. R. 377

 To amend the Internal Revenue Code of 1986 to extend the replacement 
  period from 2 to 5 years for livestock sold on account of drought, 
              flood, or other weather-related conditions.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            January 27, 2003

Mrs. Musgrave introduced the following bill; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
 To amend the Internal Revenue Code of 1986 to extend the replacement 
  period from 2 to 5 years for livestock sold on account of drought, 
              flood, or other weather-related conditions.

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

SECTION 1. EXTENSION OF REPLACEMENT PERIOD FOR LIVESTOCK SOLD ON 
              ACCOUNT OF DROUGHT, FLOOD, OR OTHER WEATHER-RELATED 
              CONDITIONS.

    (a) In General.--Subsection (e) of section 1033 of the Internal 
Revenue Code of 1986 (relating to livestock sold on account of drought, 
flood, or other weather-related conditions) is amended by adding at the 
end the following: ``In the case of any involuntary conversion 
described in the preceding sentence, subsection (a)(2)(B) shall be 
applied by substituting `5 years' for `2 years' in clause (i) 
thereof.''.
    (b) Effective Date.--The amendment made by subsection (a) shall 
apply to sales and exchanges of livestock after December 31, 2000.
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