[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3039 Introduced in House (IH)]







110th CONGRESS
  1st Session
                                H. R. 3039

 To amend the Internal Revenue Code of 1986 to increase the time that 
  taxpayers may use to make a tax-free exchange of like kind property.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             July 12, 2007

    Mr. Smith of Nebraska (for himself, Mr. Linder, Mr. Bartlett of 
  Maryland, Mr. Lamborn, Mr. Bishop of Utah, Mr. Brady of Texas, Mr. 
    Pearce, Mr. Kline of Minnesota, Mr. Campbell of California, Mr. 
 Gingrey, Mr. Pitts, Mr. Marchant, Mr. Akin, Mr. Herger, Mr. Price of 
Georgia, Mr. Wilson of South Carolina, Mr. Shadegg, and Mr. McCarthy of 
 California) 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 increase the time that 
  taxpayers may use to make a tax-free exchange of like kind property.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Farmland Relief Act of 2007''.

SEC. 2. DOUBLING OF PERIOD FOR MAKING TAX-FREE LIKE KIND EXCHANGE.

    (a) In General.--Paragraph (3) of section 1031(a) of the Internal 
Revenue Code of 1986 (relating to exchange of property held for 
productive use or investment) is amended--
            (1) by striking ``45 days'' and inserting ``90 days'',
            (2) by striking ``180 days'' in the text and inserting 
        ``360 days'', and
            (3) by striking ``180 days'' in the heading and inserting 
        ``360 days''.
    (b) Effective Date.--The amendment made by this section shall apply 
to transfers after the date of the enactment of this Act in taxable 
years ending after such date.
                                 <all>