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Senate Bill 71
115th Congress(2017-2018)
Emergency Citrus Disease Response Act
Introduced
Introduced
Introduced in Senate on Jan 9, 2017
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Introduced in Senate 
Jan 9, 2017
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Introduced in Senate(Jan 9, 2017)
Jan 9, 2017
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Multiple bills can contain the same text. This could be an identical bill in the opposite chamber or a smaller bill with a section embedded in a larger bill.
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Bill Sponsor is currently only finding exact word-for-word section matches. In a future release, partial matches will be included.
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S. 71 (Introduced-in-Senate)


115th CONGRESS
1st Session
S. 71


To amend the Internal Revenue Code of 1986 to temporarily allow expensing of certain costs of replanting citrus plants lost by reason of casualty.

IN THE SENATE OF THE UNITED STATES

January 9, 2017

Mr. Nelson (for himself and Mr. Rubio) introduced the following bill; which was read twice and referred to the Committee on Finance

A BILL

To amend the Internal Revenue Code of 1986 to temporarily allow expensing of certain costs of replanting citrus plants lost by reason of casualty.

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 “Emergency Citrus Disease Response Act”.

SEC. 2. Expensing of certain costs of replanting citrus plants lost by reason of casualty.

(a) In general.—Section 263A(d)(2) of the Internal Revenue Code of 1986 is amended by adding at the end the following new subparagraph:

“(C) SPECIAL TEMPORARY RULE FOR CITRUS PLANTS LOST BY REASON OF CASUALTY.—

“(i) IN GENERAL.—In the case of the replanting of citrus plants, subparagraph (A) shall apply to amounts paid or incurred by a person (other than the taxpayer described in subparagraph (A)) if—

“(I) the taxpayer described in subparagraph (A) has an equity interest of not less than 50 percent in the replanted citrus plants at all times during the taxable year in which such amounts were paid or incurred and such other person holds any part of the remaining equity interest, or

“(II) such other person acquired the entirety of such taxpayer’s equity interest in the land on which the lost or damaged citrus plants were located at the time of such loss or damage, and the replanting is on such land.

“(ii) TERMINATION.—Clause (i) shall not apply to any cost paid or incurred after the date which is 10 years after the date of the enactment of the Emergency Citrus Disease Response Act”..”.

(b) Effective date.—The amendment made by this section shall apply to costs paid or incurred after the date of the enactment of this Act.