H.R. 10367

Working Americans Affordability Tax Credit Act

Sponsor: Greg Landsman · 0 cosponsors

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I Affordability tax credit

II Elimination of deferral for applicable taxpayers

III Application of other provisions to applicable taxpayers and entities

A Individuals

B Rules for applicable entities and trusts

Sec. 311. Treatment of like-kind exchanges by applicable entities

(a) In general. Section 1031 is amended by adding at the end the following new subsection:

Text this section adds to the law

(i) Special rules for applicable entities. Subsection (a) shall not apply to an exchange by an applicable entity if a notice received by the entity under subsection (b)(2)(A) or (c)(2) of section 493 is in effect at the time of such exchange.

(b) Effective date. The amendment made by this section shall apply to exchanges completed after December 31, 2025.

C Treatment of deferred compensation and certain life insurance and annuity contracts

D Repeal of special treatment for certain investments