H.R.4220 - Water and Agriculture Tax Reform Act of 2016114th Congress (2015-2016)
|Sponsor:||Rep. Buck, Ken [R-CO-4] (Introduced 12/10/2015)|
|Committees:||House - Ways and Means|
|Committee Reports:||H. Rept. 114-862|
|Latest Action:||House - 12/08/2016 Placed on the Union Calendar, Calendar No. 675. (All Actions)|
This bill has the status Introduced
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Summary: H.R.4220 — 114th Congress (2015-2016)All Information (Except Text)
Reported to House with amendment(s) (12/08/2016)
Water and Agriculture Tax Reform Act of 2016
(Sec. 2) 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.