Civil War Battlefields Preservation Tax Incentives Act of 1994

Summary: Civil War Battlefields Preservation Tax Incentives Act of 1994 - Amends the Internal Revenue Code to allow a deduction from the value of a gross estate of the transfer by an heir of a qualified conservation easement on land within a Civil War battlefield site. 
Provides that the dollar limitation on the valuation of farm and other real property does not apply to property within a Civil War battlefield site. 
Allows a tax credit of 50 percent of the amount of any qualified Civil War battlefield charitable contribution.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Civil War Battlefields Preservation 
Tax Incentives Act of 1994''.

SEC. 2. DEDUCTION FROM GROSS ESTATE FOR TRANSFER BY HEIR OF QUALIFIED 
              CONSERVATION EASEMENT ON LAND WITHIN A CIVIL WAR 
              BATTLEFIELD SITE.

    (a) In General.--Section 2055 of the Internal Revenue Code of 1986 
(relating to transfers for public, charitable, and religious uses) is 
amended by redesignating subsection (g) as subsection (h) and by 
inserting after subsection (f) the following new subsection:
    ``(g) Transfer by Heir of Qualified Conservation Easement on Land 
Within Civil War Battlefield Site.--
            ``(1) In general.--For purposes of this section, if--
                    ``(A) the gross estate of a decedent includes real 
                property located within an area designated as a Civil 
                War battlefield by the Civil War Sites Advisory 
                Commission,
                    ``(B) within 9 months after the date of death of 
                the decedent, the person who acquired the property from 
                the decedent (or to whom such property passed from the 
                decedent) transfers a qualified real property interest 
                in such property, and
                    ``(C) the executor and the person referred to in 
                subparagraph (B) jointly elect the application of this 
                paragraph to such transfer,
        such transfer shall be treated as a bequest of the decedent.
            ``(2) Qualified real property interest.--For purposes of 
        this subsection, the term `qualified real property interest' 
        means any qualified real property interest (as defined in 
        section 170(h)(2)(C)) which meets the requirements of section 
        170(h).
            ``(3) Denial of double benefit.--No deduction or credit 
        shall be allowed under any other provision of this title for 
        any transfer to which the election under paragraph (1) 
        applies.''
    (b) Effective Date.--The amendment made by this section shall apply 
to transfers referred to in section 2055(g)(1)(B) of the Internal 
Revenue Code of 1986 (as added by this Act) after the date of the 
enactment of this Act.

SEC. 3. DOLLAR LIMITATION ON SPECIAL ESTATE TAX VALUATION FOR FARM 
              PROPERTY NOT TO APPLY TO PROPERTY WITHIN CIVIL WAR 
              BATTLEFIELD SITE.

    (a) In General.--Paragraph (2) of section 2032A(a) of the Internal 
Revenue Code of 1986 (relating to valuation of certain farm, etc., real 
property) is amended by adding at the end thereof the following new 
sentence: ``The preceding sentence shall be applied without regard to 
any such property which is within an area designated as a Civil War 
battlefield by the Civil War Sites Advisory Commission.''
    (b) Effective Date.--The amendment made by subsection (a) shall 
apply to estates of decedents dying after the date of the enactment of 
this Act.

SEC. 4. CREDIT FOR CHARITABLE CONTRIBUTION OF CERTAIN INTERESTS IN 
              CIVIL WAR BATTLEFIELD SITES.

    (a) In General.--Subpart A of part IV of subchapter A of chapter 1 
of the Internal Revenue Code of 1986 (relating to nonrefundable 
personal credits) is amended by inserting after section 22 the 
following new section:

``SEC. 23. CREDIT FOR CHARITABLE CONTRIBUTION OF CERTAIN INTERESTS IN 
              CIVIL WAR BATTLEFIELD SITES.

    ``(a) In General.--In the case of an individual, there shall be 
allowed as a credit against the tax imposed by this chapter for the 
taxable year an amount equal to 50 percent of the amount of any 
qualified Civil War battlefield contribution which is made during such 
taxable year.
    ``(b) Qualified Civil War Battlefield Contribution.--For purposes 
of this section--
            ``(1) In general.--The term `qualified Civil War 
        battlefield contribution' means any qualified conservation 
        contribution (as defined in section 170(h)) if the real 
        property referred to in section 170(h)(2) is real property 
        within an area designated as a Civil War battlefield by the 
        Civil War Sites Advisory Commission.
            ``(2) Amount of contribution.--The amount of any qualified 
        Civil War battlefield contribution is the amount which would 
        (but for subsection (c)) be allowed as a deduction under 170 
        for such contribution (determined without regard to section 
        170(b)).
    ``(c) Denial of Double Benefit.--No deduction shall be allowed 
under this chapter for any contribution for which is credit is allowed 
under this section.''
    (b) Clerical Amendment.--The table of sections for such subpart A 
is amended by inserting after the item relating to section 22 the 
following new item:

                              ``Sec. 23. Credit for charitable 
                                        contribution of certain 
                                        interests in Civil War 
                                        battlefield sites.''
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after the date of the enactment of 
this Act.