S.361 - Water and Agriculture Tax Reform Act of 2019116th Congress (2019-2020) |
|Sponsor:||Sen. Gardner, Cory [R-CO] (Introduced 02/06/2019)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 02/06/2019 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.361 — 116th Congress (2019-2020)All Information (Except Text)
Introduced in Senate (02/06/2019)
Water and Agriculture Tax Reform Act of 2019
This bill permits tax-exempt mutual ditch or irrigation companies to earn income from dispositions of certain 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, the tax-exempt status of the 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.