The election is made by the return due date, at partner level for a partnership
To provide for reconciliation pursuant to title II of H. Con. Res. 14, section 70437, Sec. 70437.
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The election is made by the return due date, at partner level for a partnership
The document says “shall”Who acts: sellers of qualified farmland propertyHow: statuteSec. 70437 in the PDF
What the document says
“Any election under subsection (a) shall be made not later than the due date for the return of tax for the taxable year described in subsection (a).”
The section requires the election to be made by the return due date for the year of the sale, and provides that for a sale by a partnership or S corporation the election is made at the partner or shareholder level, with the Secretary able to prescribe rules to carry that out.
What the document actually says
“Any election under subsection (a) shall be made not later than the due date for the return of tax for the taxable year described in subsection (a).”
That sentence, in plain words
The choice must be made by the return due date. That is the return for the year of the sale.
What this is about
A partnership does not choose for itself. Each partner chooses on their own return. The Secretary may write rules on how.
No action is recorded against this proposal. That is not evidence that none has been taken, and nobody has yet read it against the record. See what the tracker does not yet cover.
Provide for reconciliation pursuant to title II of H. Con. Res. 14, Public Law 119-21, sec. 70437, 139 Stat. 248 (2025). https://www.govinfo.gov/content/pkg/PLAW-119publ21/html/PLAW-119publ21.htm
This page
“The election is made by the return due date, at partner level for a partnership,” Provide for reconciliation pursuant to title II of H. Con. Res. 14, section 70437, Sec. 70437. Read the Mandate, https://readthemandate.org/pl-119-21/proposal/sec70437-election/ (retrieved August 26, 2026).
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