Section 1 Short title
This Act may be cited as the “Puerto Rico Real Estate Exchange Fairness Act of 2018”.
Puerto Rico Real Estate Exchange Fairness Act of 2018
A BILL
To amend the Internal Revenue Code of 1986 to treat Puerto Rico as part of the United States for purposes of determining whether property qualifies for treatment as a like-kind exchange.
Sec. 2 Puerto Rico treated as part of United States for purposes of determination of like-kind exchanges
In general— Section 1031(h) of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph:
“(3) United States—For purposes of this subsection, the term “United States” shall be treated as including Puerto Rico.”
Effective date— The amendment made by this section shall apply to exchanges completed after the date of the enactment of this Act.