US HB519 | 2017-2018 | 115th Congress

Status

Spectrum: Slight Partisan Bill (Republican 12-4)
Status: Engrossed on July 25 2018 - 50% progression
Action: 2018-07-25 - Received in the Senate and Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Engrossed) [PDF]

Summary

Water and Agriculture Tax Reform Act of 2018 This bill amends the Internal Revenue Code to permit tax-exempt mutual ditch or irrigation companies to earn income from dispositions of certain real property and stock interests without affecting their tax-exempt status, but requires that such income be used to pay the costs of operations, maintenance, and capital improvements of such a company. The bill also establishes a rule regarding the organizational governance of mutual ditch or irrigation companies. Where state law provides that such a company may be organized in a manner that permits voting on a basis that is pro rata to share ownership on corporate governance matters, the tax-exempt status of the mutual ditch or irrigation company must be determined without taking into account whether its member shareholders have one vote on corporate governance matters per share held in the corporation.

Tracking Information

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Title

Water and Agriculture Tax Reform Act of 2018

Sponsors


History

DateChamberAction
2018-07-25SenateReceived in the Senate and Read twice and referred to the Committee on Finance.
2018-07-24HouseMotion to reconsider laid on the table Agreed to without objection.
2018-07-24HouseOn motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H7110-7111)
2018-07-24HouseDEBATE - The House proceeded with forty minutes of debate on H.R. 519.
2018-07-24HouseConsidered under suspension of the rules. (consideration: CR H7110-7112)
2018-07-24HouseMr. Roskam moved to suspend the rules and pass the bill, as amended.
2018-07-23HousePlaced on the Union Calendar, Calendar No. 664.
2018-07-23HouseReported (Amended) by the Committee on Ways and Means. H. Rept. 115-857.
2018-06-21HouseOrdered to be Reported by Voice Vote.
2018-06-21HouseCommittee Consideration and Mark-up Session Held.
2017-01-13HouseReferred to the House Committee on Ways and Means.
2017-01-13HouseIntroduced in House

Subjects


US Congress State Sources


Bill Comments

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