S.1090 - Water and Agriculture Tax Reform Act of 2017115th Congress (2017-2018) |
|Sponsor:||Sen. Crapo, Mike [R-ID] (Introduced 05/10/2017)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 05/10/2017 Read twice and referred to the Committee on Finance. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
- Passed Senate
- Passed House
- To President
- Became Law
Summary: S.1090 — 115th Congress (2017-2018)All Information (Except Text)
Introduced in Senate (05/10/2017)
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.