Political Quotes

“Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 519) to amend the Internal Revenue Code of 1986 to facilitate water leasing and water transfers to promote conservation and efficiency, as amended. The Clerk read the title of the bill. The text of the bill is as follows: H.R. 519 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 ``Water and Agriculture Tax Reform Act of 2018''. SEC. 2. FACILITATE WATER LEASING AND WATER TRANSFERS TO PROMOTE CONSERVATION AND EFFICIENCY. (a) In General.--Paragraph (12) of section 501(c) of the Internal Revenue Code of 1986 is amended by adding at the end the following new subparagraph: ``(J) Treatment of mutual ditch irrigation companies.-- ``(i) In general.--In the case of a mutual ditch or irrigation company or of a like organization to a mutual ditch or irrigation company, subparagraph (A) shall be applied without taking into account-- ``(I) any income received or accrued from the sale, lease, or exchange of fee or other interests in real and personal property, including interests in water (other than income derived from the sale, lease, or transfer of water to nonmembers outside the river basin or basins within which the mutual ditch or irrigation company operates), ``(II) any income received or accrued from the sale or exchange of stock in a mutual ditch or irrigation company (or in a like organization to a mutu…”