[Congressional Bills 118th Congress] [From the U.S. Government Publishing Office] [H.R. 462 Introduced in House (IH)] <DOC> 118th CONGRESS 1st Session H. R. 462 To amend the Internal Revenue Code of 1986 to treat Puerto Rico as part of the United States for purposes of determining whether real property qualifies for treatment as a like-kind exchange. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES January 24, 2023 Mrs. Gonzalez-Colon 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 treat Puerto Rico as part of the United States for purposes of determining whether real 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 ``Real Estate Exchange Fairness Act of 2023''. SEC. 2. PUERTO RICO TREATED AS PART OF UNITED STATES FOR PURPOSES 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: ``For purposes of the preceding sentence, 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. <all>