Eminent Domain Relief for the Little Guy Act
Last action on Jun 18, 2004Sponsor introductory remarks on measure. (CR E1152-1153)
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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.
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