22 U.S.C. § 277d–23 — Taxation; exclusion from gross income

submitted 62 years ago by Pub. L. 88-300 to r/title-22-FOREIGN-RELATIONS-AND-INTERCOURSE · 70 words · no verdicts yet

in plain englishAI-generated · not legal advice

Money awarded for moving expenses under section 277d-19(a) and for property or mortgage-penalty losses under (b)(1) and (b)(3) is not counted as taxable income. But money received for a home with no comparable market value under (b)(1) is taxed if not spent within a year on replacement housing.

Amounts a claimant receives as an award under subsection (a) and subsections (b)(1) and (b)(3) of section 277d–19 — moving expenses, property "value in use" payments, and mortgage penalty costs — are not included in gross income for federal income tax purposes under chapter 1 of title 26. However, amounts received under subsection (b)(1) — the extra payment for homes with no comparable market listings — are taxed as gross income if the recipient doesn't spend them within one year of receiving them to buy replacement housing or facilities.

the actual law source: uscode.house.gov ↗public domain

No amount received as an award under subsection a. and subsections b. (1) and (3) of section 277d–19 of this title shall be included in gross income for purposes of chapter 1 of title 26. However, amounts received under subsection b. (1) shall be included in gross income to the extent that such amounts are not used within one year of the receipt thereof to purchase replacement housing or facilities.

Source credit: (Pub. L. 88–300, § 7, Apr. 29, 1964, 78 Stat. 186; Pub. L. 99–514, § 2, Oct. 22, 1986, 100 Stat. 2095.)

history & why it existsrecord from the source credit

1964Enacted · Pub. L. 88-300 · 78 Stat. 186
1986Amended · Pub. L. 99-514 · 100 Stat. 2095

A history note hasn’t been published yet. The record shows enactment by Pub. L. 88-300 on 1964-04-29.

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