HR 5430 · 115th Congress 2017–2019, ended

Puerto Rico Real Estate Exchange Fairness Act of 2018

Introduced Apr 5, 2018 Originated House Sponsor Jenniffer González-Colón R-PR

Latest action · Apr 5, 2018 Referred to the House Committee on Ways and Means.

Progress

Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.

IntroducedApr 5, 2018
Passed HouseNot reached
Passed SenateNot reached
To the PresidentNot reached
Became lawNot reached

Summary

Puerto Rico Real Estate Exchange Fairness Act of 2018

This bill amends the Internal Revenue Code to require Puerto Rico to be treated as part of the United States for the purpose of determining if an exchange of real property qualifies as a like-kind exchange. (Under current law, real property located in the United States and real property located outside of the United States are not property of a like kind.)

Cosponsors 2

Members who signed on, in the order they did. Signatures ran from Apr 5, 2018 to Aug 17, 2018; 1 is an original cosponsor, there from the day it was introduced.

Seat	Cosponsor		Signed on
D-FL	Darren Soto	Original	Apr 5, 2018
R-NY	Peter T. King		Aug 17, 2018

Committees 1

Where it was sent and what each committee and subcommittee did with it, in order.

Chamber	Committee	What it did
House	Ways and Means Committee	Referred Apr 5, 2018

Actions 2

Everything that happened, newest first.

Apr 5, 2018Introduced in House
Apr 5, 2018Referred to the House Committee on Ways and Means.

Research

What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.

Constitutional authority

Congress has the power to enact this legislation pursuant to the following: Article I, Section 8, Clauses 1 and 3, and 18 of the U.S. Constitution, which provide as follows: The Congress shall have Power to lay and collect Taxes, Duties, Imposts and Excises, to pay the Debts and provide for the common Defen[s]e and general Welfare of the United States; but all Duties, Imposts and Excises shall be uniform throughout the United States. To regulate Commerce with foreign Nations, and among the several States, and with the Indian Tribes, and To make all laws which shalt be necessary and proper for carrying into Execution the foregoing Powers, and all other Powers vested by this Constitution in the Government of the United States, or in any Department or Officer thereof. Further, the Congress has the power to enact this legislation pursuant to Article IV, Section 3, which provides, in relevant part, as follows: The Congress shall have Power to dispose of and make all needful Rules and Regulations respecting the Territory or other Property belonging to the United States; and nothing in this Constitution shall be so construed as to Prejudice any Claims of the United States, or of any particular State.

The sponsor’s statement, as printed in the Congressional Record, vol. 164, no. 55, April 5, 2018, page H3059.

Titles 2

Every title it has carried, official and short, at each stage.

Official Title as Introduced: To amend the Internal Revenue Code of 1986 to treat Puerto Rico as part of the United States for purposes of determining whether property qualifies for treatment as a like-kind exchange.
Short Titles as Introduced: Puerto Rico Real Estate Exchange Fairness Act of 2018

Subjects

Assigned by the Library of Congress. Policy area: Taxation.

Text 1

Each version as it was printed, newest first.

Apr 5, 2018Introduced in House

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Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.