[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1742 Introduced in House (IH)]

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117th CONGRESS
  1st Session
                                H. R. 1742

To amend the Internal Revenue Code of 1986 to treat Puerto Rico as part 
of the United States for purposes of determining whether real property 
            qualifies for treatment as a like-kind exchange.


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                    IN THE HOUSE OF REPRESENTATIVES

                             March 10, 2021

 Miss Gonzalez-Colon introduced the following bill; which was referred 
                   to the Committee on Ways and Means

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                                 A BILL


 
To amend the Internal Revenue Code of 1986 to treat Puerto Rico as part 
of the United States for purposes of determining whether real property 
            qualifies for treatment as a like-kind exchange.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Real Estate Exchange Fairness Act of 
2021''.

SEC. 2. PUERTO RICO TREATED AS PART OF UNITED STATES FOR PURPOSES OF 
              LIKE-KIND EXCHANGES.

    (a) In General.--Section 1031(h) of the Internal Revenue Code of 
1986 is amended by adding at the end the following: ``For purposes of 
the preceding sentence, the term `United States' shall be treated as 
including Puerto Rico.''.
    (b) Effective Date.--The amendment made by this section shall apply 
to exchanges completed after the date of the enactment of this Act.
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