118 HR 462 IH: Real Estate Exchange Fairness Act of 2023 U.S. House of Representatives 2023-01-24 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I118th CONGRESS1st SessionH. R. 462IN THE HOUSE OF REPRESENTATIVESJanuary 24, 2023Mrs. González-Colón introduced the following bill; which was referred to the Committee on Ways and MeansA BILLTo 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.

1.

Short title

This Act may be cited as the Real Estate Exchange Fairness Act of 2023.

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.