[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3609 Introduced in House (IH)]

111th CONGRESS
  1st Session
                                H. R. 3609

To amend the Internal Revenue Code of 1986 to clarify the capital gain 
or loss treatment of the sale or exchange of mitigation credits earned 
                         by restoring wetlands.


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                    IN THE HOUSE OF REPRESENTATIVES

                           September 21, 2009

  Mr. Melancon (for himself and Mr. Tanner) introduced the following 
      bill; which was referred to the Committee on Ways and Means

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                                 A BILL


 
To amend the Internal Revenue Code of 1986 to clarify the capital gain 
or loss treatment of the sale or exchange of mitigation credits earned 
                         by restoring wetlands.

    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 ``Wetlands Conservation Investment Act 
of 2009''.

SEC. 2. CLARIFICATION OF TREATMENT OF SALES OR EXCHANGES OF WETLAND 
              MITIGATION CREDITS AS LONG-TERM CAPITAL GAIN OR LOSS.

    (a) In General.--Part IV of subchapter P of chapter 1 of the 
Internal Revenue Code of 1986 is amended by inserting after section 
1257 the following new section:

``SEC. 1257A. GAINS OR LOSSES FROM SALES OR EXCHANGES OF WETLANDS 
              MITIGATION CREDITS.

    ``(a) General Rule.--Gain or loss attributable to the sale or 
exchange of a mitigation bank credit by the sponsor of the mitigation 
bank who earned such credit shall be considered the sale or exchange of 
a capital asset held for more than 1 year.
    ``(b) Definitions.--For purposes of this section, the terms 
`mitigation bank' and `mitigation bank credit' have the respective 
meanings given such terms by part 332 of title 33 of the Code of 
Federal Regulations.''.
    (b) Clerical Amendment.--The table of sections for part IV of 
subchapter P of chapter 1 of such Code is amended by inserting after 
the item relating to section 1257 the following new item:

``Sec. 1257A. Gains or losses from sales or exchanges of wetlands 
                            mitigation credits.''.
    (c) Effective Date.--The amendments made by this section shall 
apply with respect to sales or exchanges of mitigation banking credits 
occurring before, on, or after the date of enactment of this Act.
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