S 3669
117th Congress
Senate
Taxation
1031 Exchange Improvement Act
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Feb 16, 2022
Read twice and referred to the Committee on Finance.
Feb 16, 2022
Introduced in Senate
Plain-English summary
1031 Exchange Improvement Act
This bill revises the tax rule allowing deferral of gain for like kind exchanges of commercial property. (That rule provides that no gain or loss shall be recognized on the exchange of real property held for productive use in a trade or business or for investment if such real property is exchanged solely for real property of like kind.)
Specifically, the bill eliminates the requirement that a substitute property be identified within 45 days of the sale of the original property.
What's happening now
Read twice and referred to the Committee on Finance.
Committees of jurisdiction
1