1031 Exchange Improvement Act

Senate Bill 3669 - 1031 Exchange Improvement Act: Overview, Status, and Impact

Hozzl · 2022-12-29T21:33:30Z

Explore the details of Senate Bill 3669 1031 Exchange Improvement Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

12/29/2022, 9:33 PM

Congressional Summary of S 3669

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.

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Current Status of Bill S 3669

Bill S 3669 is currently in the status of Bill Introduced since February 16, 2022. Bill S 3669 was introduced during Congress 117 and was introduced to the Senate on February 16, 2022. Bill S 3669's most recent activity was Read twice and referred to the Committee on Finance. as of February 16, 2022