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HR 2202 IH

To amend the Internal Revenue Code of 1986 to provide for the ratable inclusion of citrus canker tree payments over a period of 10 years, and for other purposes.

May 21, 2003

Mr. WELDON of Florida introduced the following bill; which was referred to the Committee on Ways and Means

To amend the Internal Revenue Code of 1986 to provide for the ratable inclusion of citrus canker tree payments over a period of 10 years, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the `Citrus Disaster Payment Fairness Act'.

SEC. 2. CITRUS CANKER TREE RELIEF.

(a) RATABLE INCLUSION-

(1) IN GENERAL- Part I of subchapter Q of chapter 1 of the Internal Revenue Code of 1986 (relating to income averaging) is amended by inserting after section 1301 the following new section:

`SEC. 1302. RATABLE INCOME INCLUSION FOR CITRUS CANKER TREE PAYMENTS.

`(a) IN GENERAL- At the election of the taxpayer, any amount taken into account as income or gain by reason of receiving a citrus canker tree payment shall be included in the income of the taxpayer ratably over the 10-year period beginning with the taxable year in which the payment is received or accrued by the taxpayer. Such election shall be made on the return of tax for such taxable year in such manner as the Secretary prescribes and, once made, shall be irrevocable.

`(b) CITRUS CANKER TREE PAYMENT- For purposes of subsection (a), the term `citrus canker tree payment' means a payment made to an owner of a commercial citrus grove to recover income that was lost as a result of the removal of commercial citrus trees to control canker under the amendments to the citrus canker regulations (7 C.F.R. 301) made by the final rule published in the Federal Register by the Secretary of Agriculture on June 18, 2001 (66 Fed. Reg. 32713, Docket No. 00-37-4).'

(2) CLERICAL AMENDMENT- The table of sections for part I of subchapter Q of chapter 1 of such Code is amended by inserting after the item relating to section 1301 the following new item:

`Sec. 1302. Ratable income inclusion for citrus canker tree payments.'.

(b) EXPANSION OF PERIOD WITHIN WHICH CONVERTED CITRUS TREE PROPERTY MUST BE REPLACED- Section 1033 of such Code (relating to period within which property must be replaced) is amended by redesignating subsection (k) as subsection (l) and by inserting after subsection (j) the following new subsection:

`(k) COMMERCIAL TREES DESTROYED BECAUSE OF CITRUS TREE CANKER- In the case of commercial citrus trees which are compulsorily or involuntarily converted under a public order as a result of the citrus tree canker, subsection (a)(2)(B) shall be applied by substituting the following for the text of clause (i) thereof: `4 years after the close of the first taxable year in which any part of the gain upon conversion is realized, or such additional period after the close of such taxable year as determined appropriate by the Secretary on a regional basis if a State or Federal plant health authority determines with respect to such region that the land on which such trees grew is not free from the bacteria that causes citrus tree canker'.'.

(c) EFFECTIVE DATE- The amendments made by this section shall apply to taxable years beginning before, on, or after the date of the enactment of this Act.

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