To amend the Internal Revenue Code of 1986 to temporarily allow expensing of certain costs of replanting citrus plants lost by reason of casualty.
Committees
House Ways and Means Committee
Bill Summary
(This measure has not been amended since it was reported to the House on September 16, 2016. The summary of that version is repeated here.) Emergency Citrus Disease Response Act of 2016 (Sec. 2) This bill amends the Internal Revenue Code to allow a full deduction in the current taxable year of the cost of replanting lost or damaged citrus plants. The taxpayer must own an equity interest of at least 50% in such replanted plants and may deduct costs paid or incurred through 2025.
To amend the Internal Revenue Code of 1986 to temporarily allow expensing of certain costs of replanting citrus plants lost by reason of casualty.
(This measure has not been amended since it was reported to the House on September 16, 2016. The summary of that version is repeated here.) Emergency Citrus Disease Response Act of 2016 (Sec. 2) This bill amends the Internal Revenue Code to allow a full deduction in the current taxable year of the cost of replanting lost or damaged citrus plants. The taxpayer must own an equity interest of at least 50% in such replanted plants and may deduct costs paid or incurred through 2025.