[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[S. 3669 Introduced in Senate (IS)]

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117th CONGRESS
  2d Session
                                S. 3669

To amend the Internal Revenue Code of 1986 to modify rules relating to 
                          like kind exchanges.


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                   IN THE SENATE OF THE UNITED STATES

                           February 16, 2022

Mr. Lee (for himself, Mr. Braun, Mr. Cruz, and Mr. Marshall) introduced 
the following bill; which was read twice and referred to the Committee 
                               on Finance

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                                 A BILL


 
To amend the Internal Revenue Code of 1986 to modify rules relating to 
                          like kind exchanges.

    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 ``1031 Exchange Improvement Act''.

SEC. 2. PROPERTY IDENTIFICATION REQUIREMENT.

    (a) In General.--Subparagraph (A) of section 1031(a)(3) of the 
Internal Revenue Code of 1986 is amended by striking ``the day which'' 
and all that follows through the comma and inserting ``the date such 
property is received,''.
    (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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