H.R. 7687 — No Tax on Takings Act

This section establishes a new exclusion from gross income (under new IRC §139M) for gain from the conversion of property located in the United States by reason of eminent domain (including sales or exchanges under threat or imminence of exercise). Section 1033 (involuntary conversions) does not apply to such conversions, though taxpayers may elect out of the exclusion; applies to conversions in taxable years ending after enactment.