US HB807 | 2019-2020 | 116th Congress
Status
Spectrum: Slight Partisan Bill (Republican 9-4)
Status: Introduced on January 28 2019 - 25% progression, died in committee
Action: 2019-01-28 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on January 28 2019 - 25% progression, died in committee
Action: 2019-01-28 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]
Summary
Permits tax-exempt mutual ditch or irrigation companies to earn income from dispositions of certain 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.
Title
Water and Agriculture Tax Reform Act of 2019
Sponsors
Rep. Ken Buck [R-CO] | Rep. Rob Bishop [R-UT] | Rep. Scott Tipton [R-CO] | Rep. Paul Gosar [R-AZ] |
Rep. John Curtis [R-UT] | Rep. David Schweikert [R-AZ] | Rep. Jason Crow [D-CO] | Rep. Joseph Neguse [D-CO] |
Rep. Ed Perlmutter [D-CO] | Rep. Dan Newhouse [R-WA] | Rep. Mark Meadows [R-NC] | Rep. Duncan Hunter [R-CA] |
Rep. Grace Napolitano [D-CA] |
History
Date | Chamber | Action |
---|---|---|
2019-01-28 | House | Referred to the House Committee on Ways and Means. |
2019-01-28 | House | Introduced in House |
Same As/Similar To
SB361 (Related) 2019-02-06 - Read twice and referred to the Committee on Finance.
Subjects
Business investment and capital
Corporate finance and management
Farmland
Financial services and investments
Land transfers
Securities
Tax-exempt organizations
Taxation
Water use and supply
Corporate finance and management
Farmland
Financial services and investments
Land transfers
Securities
Tax-exempt organizations
Taxation
Water use and supply
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/116th-congress/house-bill/807/all-info |
Text | https://www.congress.gov/116/bills/hr807/BILLS-116hr807ih.pdf |