Proposal:1031 Exchange Improvement Act

This proposal is archived and closed to further debate. It was introduced in the 117th Congress, which has concluded, and the bill was not enacted into law.

Bill	S 3669
Type of Legislation	Senate Bill
Congress	117
Status	Archived — 117th Congress concluded
Source	View original on Congress.gov

Geographic Scope

National

Description

1031 Exchange Improvement Act

This bill revises the tax rule allowing deferral of gain for like kind exchanges of commercial property. (That rule provides that no gain or loss shall be recognized on the exchange of real property held for productive use in a trade or business or for investment if such real property is exchanged solely for real property of like kind.)

Specifically, the bill eliminates the requirement that a substitute property be identified within 45 days of the sale of the original property.

Bill Title

1031 Exchange Improvement Act

Linked Goals

• Goal:Promote General Welfare

Steps

• 2022-02-16: Read twice and referred to the Committee on Finance.
• 2022-02-16: Introduced in Senate

Projected Outcome

A more informed proposal or public response aligned with the Promote General Welfare goal.