Christmas Tree Tax Equity Act
The source supplies the latest action, but no lifecycle stage.
Latest action (24 Jul 1998): Referred to the House Committee on Ways and Means.
What this bill does
The Christmas Tree Tax Equity Act, H.R. 4330, would amend the Internal Revenue Code. Specifically, it would allow cut evergreens used for ornamental purposes, such as Christmas trees, that are older than four years when harvested to be treated differently for tax purposes. This change would apply to taxable years beginning after December 31, 1998.
Under the bill, these trees would be eligible for capital gains tax treatment, meaning any profit from their sale could be taxed at a potentially lower rate than ordinary income. Additionally, these trees older than four years would be exempted from uniform capitalization rules, which generally require businesses to include certain costs in the inventory value of goods produced.
This bill was introduced in the House of Representatives in July 1998 by Representative Michael "Mac" Collins and Representative Tanner. It was referred to the Committee on Ways and Means. As of its introduction, no further action had been taken on the bill.
Plain-English summary generated by Bill100 AI from the official record. Always verify against the source below.
Official summary
Christmas Tree Tax Equity Act - Amends the Internal Revenue Code to make cut evergreens used for ornamental purposes that are older than four (currently six) years eligible for election as section 1231 business property and capital gains treatment. Exempts such trees older than four (currently six) years from uniform capitalization rules.
Timeline
24 Jul 1998
Referred to the House Committee on Ways and Means.
Common questions
- What does H.R. 4330 do?
- The Christmas Tree Tax Equity Act, H.R. 4330, would amend the Internal Revenue Code. Specifically, it would allow cut evergreens used for ornamental purposes, such as Christmas trees, that are older than four years when harvested to be treated differently for tax purposes. This change would apply to taxable years beginning after December 31, 1998. Under the bill, these trees would be eligible for capital gains tax treatment, meaning any profit from their sale could be taxed at a potentially lower rate than ordinary income. Additionally, these trees older than four years would be exempted from uniform capitalization rules, which generally require businesses to include certain costs in the inventory value of goods produced. This bill was introduced in the House of Representatives in July 1998 by Representative Michael "Mac" Collins and Representative Tanner. It was referred to the Committee on Ways and Means. As of its introduction, no further action had been taken on the bill.
- Has H.R. 4330 become law?
- The source does not supply a confirmed lifecycle stage for H.R. 4330. Check the latest action and official source below.
- Who sponsored H.R. 4330?
- H.R. 4330 was sponsored by Rep. Collins, Mac [R-GA-3] (R-GA), with 5 cosponsors.
- What's the latest action on H.R. 4330?
- Referred to the House Committee on Ways and Means. (24 Jul 1998).
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