Political Quotes

“Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 3957) to amend the Internal Revenue Code of 1986 to temporarily allow expensing of certain costs of replanting citrus plants lost by reason of casualty, as amended. The Clerk read the title of the bill. The text of the bill is as follows: H.R. 3957 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 ``Emergency Citrus Disease Response Act of 2016''. SEC. 2. EXPENSING OF CERTAIN COSTS OF REPLANTING CITRUS PLANTS LOST BY REASON OF CASUALTY. (a) In General.--Section 263A(d)(2) of the Internal Revenue Code of 1986 is amended by adding at the end the following new subparagraph: ``(C) Special temporary rule for citrus plants lost by reason of casualty.-- ``(i) In general.--In the case of the replanting of citrus plants, subparagraph (A) shall apply to amounts paid or incurred by a person (other than the taxpayer described in subparagraph (A)) if-- ``(I) the taxpayer described in subparagraph (A) has an equity interest of not less than 50 percent in the replanted citrus plants at all times during the taxable year in which such amounts were paid or incurred and such other person holds any part of the remaining equity interest, or ``(II) such other person acquired the entirety of such taxpayer's equity interest in the land on which the lost or damaged citrus plants were located at the time of such loss or dama…”