No Tax on Takings Act

[AI summary unavailable — showing source text] [Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [H.R. 7687 Introduced in House (IH)] <DOC> 119th CONGRESS 2d Session H. R. 7687 To amend the Internal Revenue Code of 1986 to exclude from gross income gain from the conversion of property by reason of eminent domain. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES February 25, 2026 Mr. Cline (for himself, Mr. Fleischmann, Mr. Perry, Mr. Moore of Alabama, and Mr. Ogles) introduced the following bill; which was referred to the Committee on Ways and Means _______________________________________________________________________ A BILL To amend the Internal Revenue Code of 1986 to exclude from gross income gain from the conversion of property by reason of eminent domain. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``No Tax on Takings Act''. SEC. 2. EXCLUSION FROM GROSS INCOME FOR GAIN FROM CONVERSION OF PROPERTY BY REASON OF EMINENT DOMAIN. (a) In General.--Part III of subchapter B of chapter 1 of the Internal Revenue Code of …