A1177

Excludes gains on sales of certain real estate purchases from taxation under corporation business tax and gross income tax.

This bill excludes gains on sales of certain real estate purchases from taxation under the corporation business tax and gross income tax. The exclusions apply to gains on the sales of certain land purchased by the taxpayer during the three year period beginning on the date of enactment of this bill and ending on that same calendar date three years later. The exclusions apply to investment property that is not occupied by the taxpayer. Vacant land, land in its unimproved state and idle land not actively used for agriculture or other purposes, are not eligible for the exclusion.