H.R.483 - Livestock Reinvestment Extension Act of 2003108th Congress (2003-2004)
|Sponsor:||Rep. Moran, Jerry [R-KS-1] (Introduced 01/29/2003)|
|Committees:||House - Ways and Means|
|Latest Action:||01/29/2003 Referred to the House Committee on Ways and Means. (All Actions)|
This bill has the status Introduced
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Summary: H.R.483 — 108th Congress (2003-2004)All Bill Information (Except Text)
Livestock Reinvestment Extension Act of 2003 - Amends the Internal Revenue Code to allow farmers to delay the inclusion in income of the amount earned from the sale of excess livestock due to Federal land management policy or action or to severe weather conditions until the second year following the year in which the special circumstance ceased to exist.(present law allows for inclusion of such income in the year following a year of severe weather).
Introduced in House (01/29/2003)
Sets forth new rules for drought designations. Modifies rules for replacement of involuntarily converted livestock, including to extend the replacement period (for both weather-related sales and sales forced by Federal policy) and to prescribe that an heir to an estate may replace such property within the required time frame.
Applies this Act to sales and exchanges made after December 31, 2000.