Water and Agriculture Tax Reform Act of 2018
- Last Action
- 7/25/2018
Actions
- 2018-07-25Received in the Senate and Read twice and referred to the Committee on Finance.
- 2018-07-24Motion to reconsider laid on the table Agreed to without objection.
- 2018-07-24On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H7110-7111)
- 2018-07-24Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.(text: CR H7110-7111)
- 2018-07-24DEBATE - The House proceeded with forty minutes of debate on H.R. 519.
- 2018-07-24Considered under suspension of the rules. (consideration: CR H7110-7112)
- 2018-07-24Mr. Roskam moved to suspend the rules and pass the bill, as amended.
- 2018-07-23Placed on the Union Calendar, Calendar No. 664.
- 2018-07-23Reported (Amended) by the Committee on Ways and Means. H. Rept. 115-857.
- 2018-07-23Reported (Amended) by the Committee on Ways and Means. H. Rept. 115-857.
- 2018-06-21Ordered to be Reported by Voice Vote.
- 2018-06-21Committee Consideration and Mark-up Session Held.
- 2017-01-13Referred to the House Committee on Ways and Means.
- 2017-01-13Introduced in House
- 2017-01-13Introduced in House
CRS Summary
As of 2018-07-23 (17)
Water and Agriculture Tax Reform Act of 2018
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, 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.
Cosponsors (15)
- Paul Gosar (R-AZ)
- Scott Tipton (R-CO)
- Mia Love (R-UT)
- Rob Bishop (R-UT)
- Doug Lamborn (R-CO)
- Dan Newhouse (R-WA)
- Ed Perlmutter (D-CO)
- Jared Polis (D-CO)
- Liz Cheney (R-WY)
- Mike Coffman (R-CO)
- DIANA DEGETTE (D-CO)
- GRACE NAPOLITANO (D-CA)
- John Curtis (R-UT)
- David Schweikert (R-AZ)
- PETE SESSIONS (R-TX)
Subjects
- Business investment and capital
- Corporate finance and management
- Farmland
- Financial services and investments
- Land transfers
- Securities
- Tax-exempt organizations
- Water use and supply
Sourced from Congress.gov (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.