Summary: H.R.4603 — 108th Congress (2003-2004)All Information (Except Text)

There is one summary for H.R.4603. Bill summaries are authored by CRS.

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Introduced in House (06/17/2004)

Eminent Domain Relief for the Little Guy Act - Amends the Internal Revenue Code to allow the nonrecognition of gain from the involuntary conversion (by eminent domain) of property held by individuals, corporations, or partnerships with gross receipts of $5 million or less. Exempts such taxpayers from certain tax rules for involuntary conversions, including the requirement that the condemned property be converted into similar property within a specified two-year period.