US SB1090 | 2017-2018 | 115th Congress
Status
Spectrum: Slight Partisan Bill (Republican 5-2)
Status: Introduced on May 10 2017 - 25% progression, died in committee
Action: 2017-05-10 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on May 10 2017 - 25% progression, died in committee
Action: 2017-05-10 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]
Summary
Water and Agriculture Tax Reform Act of 2017 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, an organization's qualification as a 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 2017
Sponsors
Sen. Mike Crapo [R-ID] | Sen. Michael Bennet [D-CO] | Sen. James Risch [R-ID] | Sen. Cory Gardner [R-CO] |
Sen. Michael Enzi [R-WY] | Sen. Jon Tester [D-MT] | Sen. Pat Roberts [R-KS] |
History
Date | Chamber | Action |
---|---|---|
2017-05-10 | Senate | Read twice and referred to the Committee on Finance. |
Same As/Similar To
HB519 (Related) 2018-07-25 - Received in the Senate and 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/115th-congress/senate-bill/1090/all-info |
Text | https://www.congress.gov/115/bills/s1090/BILLS-115s1090is.pdf |