H.R. 4603 · 108th Congress
Eminent Domain Relief for the Little Guy Act
- Stage
- In committee
- Sponsor
- Bob Filner
- Introduced
- 2004-06-17
- Latest action
- 2004-06-18 · Sponsor introductory remarks on measure.
Summary
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.