Tax Exemption: Excluding Gain from Land Sales for Defense and Environmental Protection.
This bill introduces a new tax exclusion, allowing property owners to avoid paying income tax on the gain from selling land to the Department of Defense's REPI (Readiness and Environmental Protection Integration) program. The goal is to incentivize citizens to voluntarily sell or convey property interests, which helps protect military installations from encroachment and supports environmental conservation. This change primarily affects individuals and entities selling entire properties, remainder interests, or perpetual use restrictions.
Key points
No Tax on Gain: Profits from the sale of qualified real property interests to the DoD's REPI program are excluded from gross income.
Support for Military and Environment: The exclusion encourages landowners to cooperate with the military to protect areas around bases and prevent conflicts with civilian development.
Anti-Speculation Rule: The tax break does not apply if the property was acquired and sold within 3 years by a pass-through entity (with an exception for family partnerships).
Qualified Interests: The exclusion covers the sale of the entire property, a remainder interest, or a perpetual restriction on the use of the real property.
Expired
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