Section 1 Short title
This Act may be cited as the “Alaska Native Conservation Parity Act of 2014”.
Alaska Native Conservation Parity Act of 2014
A BILL
To amend the Internal Revenue Code of 1986 to encourage charitable contributions of real property for conservation purposes by Native Corporations.
Sec. 2 Encouragement of contributions of capital gain real property made for conservation purposes by Native Corporations
In general— Paragraph (2) of section 170(b) of the Internal Revenue Code of 1986 is amended by redesignating subparagraph (C) as subparagraph (D), and by inserting after subparagraph (B) the following new subparagraph:
“(C) Qualified conservation contributions by certain Native Corporations
“(i) In general—Any qualified conservation contribution (as defined in subsection (h)(1)) which—
“(I) is made by a Native Corporation, and
“(II) is a contribution of property which was land conveyed under the Alaska Native Claims Settlement Act,
“(ii) Carryover—If the aggregate amount of contributions described in clause (i) exceeds the limitation of clause (i), such excess shall be treated (in a manner consistent with the rules of subsection (d)(2)) as a charitable contribution to which clause (i) applies in each of the 15 succeeding years in order of time.
“(iii) Definition—For purposes of clause (i), the term Native Corporation has the meaning given such term by section 3(m) of the Alaska Native Claims Settlement Act.”
Conforming amendment— Section 170(b)(2)(A) of such Code is amended by striking “subparagraph (B) applies” and inserting “subparagraphs (B) or (C) apply”.
Effective date— The amendments made by this section shall apply to contributions made in taxable years beginning after December 31, 2013.
Rule of construction— Nothing in this section or the amendments made by this section shall be construed to modify any existing property rights conveyed to Native Corporations (withing the meaning of section 3(m) of the Alaska Native Claims Settlement Act) under such Act.