Federal HB7687, the No Tax on Takings Act, excludes eminent domain conversion gains from gross income.

Federal HB7687, the No Tax on Takings Act, amends the Internal Revenue Code to exclude from gross income any gain from the conversion of property due to eminent domain. This applies to property located in the United States, including sales or exchanges under threat of eminent domain. The exclusion does not apply if the taxpayer opts out. The changes take effect for conversions in taxable years after the bill's enactment.

Federal HB7687, the No Tax on Takings Act, excludes eminent domain conversion gains from gross income.

Federal HB7687, the No Tax on Takings Act, amends the Internal Revenue Code to exclude from gross income any gain from the conversion of property due to eminent domain. This applies to property located in the United States, including sales or exchanges under threat of eminent domain. The exclusion does not apply if the taxpayer opts out. The changes take effect for conversions in taxable years after the bill's enactment.