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S 1786 99th Congress Senate Taxation Agriculture and Rural Affairs Capital gains tax Conservation of natural resources Depreciation and amortization Environmental Protection Farm lands Income tax Land use Reclamation of land Soil conservation Soil erosion Tax credits Tax deductions Wetlands

Cultivation of Highly Erodible Lands and Wetlands Tax Act

Introduced: October 23, 1985 See on congress.gov
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 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Oct 25, 1985
Committee on Finance requested executive comment from OMB, Treasury Department.
Oct 23, 1985
Read twice and referred to the Committee on Finance.
Oct 23, 1985
Introduced in Senate
 Plain-English summary Congressional Research Service

Cultivation of Highly Erodible Lands and Wetlands Tax Act - Amends the Internal Revenue Code to disallow any income tax credit or deduction (including any depreciation deduction) for any amounts paid or incurred on any property used in cultivating highly erodible land or wetland owned or leased by a taxpayer for the purpose of converting such land or wetland into cropland. Sets forth specified exceptions to such disallowance.

Treats as ordinary income, rather than as capital gains, a specified portion of gain realized on the sale or disposition of highly erodible land or wetland cultivated by the taxpayer for the purpose of converting such land or wetland into cropland. Sets forth specified exceptions to such treatment.

What's happening now October 25, 1985

Committee on Finance requested executive comment from OMB, Treasury Department.

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Republican 1