S. 3669 — Introduced in Senate

II 117th CONGRESS 2d Session S. 3669 IN THE SENATE OF THE UNITED STATES February 16, 2022Mr. Lee (for himself, Mr. Braun, Mr. Cruz, and Mr. Marshall) introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To amend the Internal Revenue Code of 1986 to modify rules relating to like kind exchanges. 1. Short title This Act may be cited as the 1031 Exchange Improvement Act. 2. Property identification requirement (a) In general Subparagraph (A) of section 1031(a)(3) of the Internal Revenue Code of 1986 is amended by striking the day which and all that follows through the comma and inserting the date such property is received,. (b) Effective date The amendment made by this section shall apply to exchanges completed after the date of the enactment of this Act.