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Feb 2, 2015viewing Reported in House Mr. Kelly of Pennsylvania (for himself, Mr. Thompson of California, Mr. Benishek, Mr. Blumenauer, Mrs. Capps, Mr. Costello of Pennsylvania, Mr. Dent, Mr. Doggett, Ms. Esty, Mr. Frelinghuysen, Mr. Garamendi, Mr. Joyce, Ms. Kaptur, Mr. Kind, Ms. Kuster, Mr. Larson of Connecticut, Mrs. Lummis, Mr. McDermott, Mr. McGovern, Mr. Meehan, Mr. Neal, Mr. Rangel, Mr. Reed, Ms. Linda T. Sánchez of California, Mr. Schock, Mr. Sensenbrenner, Ms. Tsongas, Mr. Walz, Mr. Gibson, Mr. Smith of Missouri, Mr. Marino, Mr. Young of Alaska, Mr. Welch, Mr. Zinke, Mr. Murphy of Florida, and Mr. Sanford) introduced the following bill; which was referred to the Committee on Ways and Means See what changed
Feb 2, 2015 Introduced in House Mr. Kelly of Pennsylvania (for himself, Mr. Thompson of California, Mr. Benishek, Mr. Blumenauer, Mrs. Capps, Mr. Costello of Pennsylvania, Mr. Dent, Mr. Doggett, Ms. Esty, Mr. Frelinghuysen, Mr. Garamendi, Mr. Joyce, Ms. Kaptur, Mr. Kind, Ms. Kuster, Mr. Larson of Connecticut, Mrs. Lummis, Mr. McDermott, Mr. McGovern, Mr. Meehan, Mr. Neal, Mr. Rangel, Mr. Reed, Ms. Linda T. Sánchez of California, Mr. Schock, Mr. Sensenbrenner, Ms. Tsongas, Mr. Walz, Mr. Gibson, Mr. Smith of Missouri, Mr. Marino, Mr. Young of Alaska, Mr. Welch, Mr. Zinke, Mr. Murphy of Florida, and Mr. Sanford) introduced the following bill; which was referred to the Committee on Ways and Means

H.R. 641 — what changed

Conservation Easement Incentive Act of 2015

From Introduced in House to Reported in House. 1 section amended between Introduced in House and Reported in House.

Sec. 2 Special rule for qualified conservation contributions made permanent

(a)

In general—

(1)

Individuals— Subparagraph (E) of section 170(b)(1) of the Internal Revenue Code of 1986 (relating to contributions of qualified conservation contributions) is amended by striking clause (vi).

(2)

Corporations— Subparagraph (B) of section 170(b)(2) of such Code (relating to qualified conservation contributions) is amended by striking clause (iii).

(b)

Contributions of capital gain real property made for conservation purposes by Native Corporations—

(1)

In general— Section 170(b)(2) of such Code 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,

changed “(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 taxable years in order of time.

“(iii) Native Corporation—For purposes of this subparagraph, the term Native Corporation has the meaning given such term by section 3(m) of the Alaska Native Claims Settlement Act.”

(2)

added Conforming amendments—

(A)

added Section 170(b)(2)(A) of such Code is amended by striking “subparagraph (B) applies” and inserting “subparagraph (B) or (C) applies”.

(B)

added Section 170(b)(2)(B)(ii) of such Code is amended by striking “15 succeeding years” and inserting “15 succeeding taxable years”.

(2)

removed ~~Conforming amendment—~~ ~~Section 170(b)(2)(A) of such Code is amended by striking “subparagraph (B) applies” and inserting “subparagraph (B) or (C) applies”.~~

(3)

Valid existing rights preserved— Nothing in this subsection (or any amendment made by this subsection) shall be construed to modify the existing property rights validly conveyed to Native Corporations (within the meaning of section 3(m) of the Alaska Native Claims Settlement Act) under such Act.

(c)

Effective date— The amendments made by this section shall apply to contributions made in taxable years beginning after December 31, 2014.

H.R. 641 — what changed

Sec. 2 Special rule for qualified conservation contributions made permanent

Cite this provision

Incoming references