[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5430 Introduced in House (IH)]

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115th CONGRESS
  2d Session
                                H. R. 5430

To amend the Internal Revenue Code of 1986 to treat Puerto Rico as part 
   of the United States for purposes of determining whether property 
            qualifies for treatment as a like-kind exchange.


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                    IN THE HOUSE OF REPRESENTATIVES

                             April 5, 2018

     Miss Gonzalez-Colon of Puerto Rico (for herself and Mr. Soto) 
 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 treat Puerto Rico as part 
   of the United States for purposes of determining whether property 
            qualifies for treatment as a like-kind exchange.

    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 ``Puerto Rico Real Estate Exchange 
Fairness Act of 2018''.

SEC. 2. PUERTO RICO TREATED AS PART OF UNITED STATES FOR PURPOSES OF 
              DETERMINATION OF LIKE-KIND EXCHANGES.

    (a) In General.--Section 1031(h) of the Internal Revenue Code of 
1986 is amended by adding at the end the following new paragraph:
            ``(3) United states.--For purposes of this subsection, the 
        term `United States' shall be treated as including Puerto 
        Rico.''.
    (b) Effective Date.--The amendment made by this section shall apply 
to exchanges completed after the date of the enactment of this Act.
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