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[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 5641 Introduced in Senate (IS)]

<DOC>

118th CONGRESS
  2d Session
                                S. 5641

 To amend the Internal Revenue Code of 1986 to allow a credit against 
   income tax for qualified conservation contributions which include 
                        National Scenic Trails.

_______________________________________________________________________

                   IN THE SENATE OF THE UNITED STATES

            December 20 (legislative day, December 16), 2024

Mr. Blumenthal (for himself, Mr. Murphy, and Ms. Warren) introduced the 
 following bill; which was read twice and referred to the Committee on 
                                Finance

_______________________________________________________________________

                                 A BILL

 
 To amend the Internal Revenue Code of 1986 to allow a credit against 
   income tax for qualified conservation contributions which include 
                        National Scenic Trails.

    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 ``Complete America's Great Trails 
Act''.

SEC. 2. NATIONAL SCENIC TRAIL CONSERVATION CREDIT.

    (a) In General.--Subpart B of part IV of subchapter A of chapter 1 
of the Internal Revenue Code of 1986 is amended by adding at the end 
the following new section:

``SEC. 30E. NATIONAL SCENIC TRAIL CONSERVATION CREDIT.

    ``(a) Allowance of Credit.--There shall be allowed as a credit 
against the tax imposed by this chapter for the taxable year an amount 
equal to the fair market value of any National Scenic Trail 
conservation contribution of the taxpayer for the taxable year.
    ``(b) National Scenic Trail Conservation Contribution.--For 
purposes of this section--
            ``(1) In general.--The term `National Scenic Trail 
        conservation contribution' means any qualified conservation 
        contribution--
                    ``(A) to the extent the qualified real property 
                interest with respect to such contribution includes a 
                National Scenic Trail (or portion thereof) and its 
                trail corridor, and
                    ``(B) with respect to which the taxpayer makes an 
                election under this section.
            ``(2) National scenic trail.--The term `National Scenic 
        Trail' means any trail authorized and designated under section 
        5 of the National Trails System Act (16 U.S.C. 1244).
            ``(3) Trail corridor.--
                    ``(A) In general.--The term `trail corridor' means 
                so much of the corridor of a trail as is--
                            ``(i) subject to subparagraph (B), not less 
                        than 50 feet wide on each side of such trail, 
                        and
                            ``(ii) not greater than 2,640 feet wide.
                    ``(B) Exceptions.--
                            ``(i) Less than 50 feet wide on a side of 
                        the trail.--In the case of an interest in real 
                        property of the taxpayer which includes less 
                        than 50 feet on either side of the trail, the 
                        trail corridor shall include the entire 
                        distance with respect to such interest on such 
                        side.
                            ``(ii) Building and structures near the 
                        trail.--In the case of an interest in real 
                        property of the taxpayer which includes a 
                        residence or structure owned by the taxpayer 
                        which is located less than 50 feet from the 
                        trail, the trail corridor for the side of the 
                        trail on which the residence or structure is 
                        located shall include such distance from the 
                        trail as is determined appropriate by the 
                        taxpayer.
            ``(4) Qualified conservation contribution; qualified real 
        property interest.--The terms `qualified conservation 
        contribution' and `qualified real property interest' have the 
        respective meanings given such terms by section 170(h), except 
        that paragraph (2)(A) thereof shall be applied without regard 
        to any qualified mineral interest (as defined in paragraph (6) 
        thereof).
    ``(c) Special Rules.--
            ``(1) Fair market value.--Fair market value of any National 
        Scenic Trail conservation contribution shall be determined in 
        the same manner as qualified conservation contributions under 
        section 170, except that in any case, to the extent 
        practicable, fair market value shall be determined by reference 
        to the highest and best use of the real property with respect 
        to such contribution.
            ``(2) Election irrevocable.--An election under this section 
        may not be revoked.
            ``(3) Denial of double benefit.--No deduction shall be 
        allowed under this chapter with respect to any qualified 
        conservation contribution with respect to which an election is 
        made under this section.
    ``(d) Application With Other Credits.--
            ``(1) Business credit treated as part of general business 
        credit.--So much of the credit which would be allowed under 
        subsection (a) for any taxable year (determined without regard 
        to this subsection) that is attributable to property used in a 
        trade or business or held for the production of income shall be 
        treated as a credit listed in section 38(b) for such taxable 
        year (and not allowed under subsection (a)).
            ``(2) Personal credit.--For purposes of this title, the 
        credit allowed under subsection (a) for any taxable year 
        (determined after the application of paragraph (1)) shall be 
        treated as a credit allowable under subpart A for such taxable 
        year.
    ``(e) Carryforward of Unused Credit.--
            ``(1) In general.--If the credit allowable under subsection 
        (a) exceeds--
                    ``(A) the limitation imposed by section 26(a) for 
                any taxable year, reduced by
                    ``(B) the sum of the credits allowable under 
                subpart A (other than this section) for the taxable 
                year,
        such excess shall be carried to the succeeding taxable year and 
        added to the credit allowable under subsection (a) for such 
        succeeding taxable year.
            ``(2) Limitation.--No credit may be carried forward under 
        this subsection to any taxable year following the tenth taxable 
        year after the taxable year in which the credit arose. For 
        purposes of the preceding sentence, credits shall be treated as 
        used on a first-in first-out basis.''.
    (b) Continued Use Not Inconsistent With Conservation Purposes.--A 
contribution of an interest in real property shall not fail to be 
treated as a National Scenic Trail conservation contribution (as 
defined in section 30E(b) of the Internal Revenue Code of 1986) solely 
by reason of continued use of the real property, such as for 
recreational or agricultural use (including motor vehicle use related 
thereto), if, under the circumstances, such use does not impair 
significant conservation interests and is not inconsistent with the 
purposes of the National Trails System Act (16 U.S.C. 1241 et seq.).
    (c) Study Regarding Efficacy of National Scenic Trail Conservation 
Credit.--
            (1) In general.--The Secretary of the Interior shall, in 
        consultation with the Secretary of the Treasury, study--
                    (A) the efficacy of the National Scenic Trail 
                conservation credit under section 30E of the Internal 
                Revenue Code of 1986 in completing, extending, and 
                increasing the number of National Scenic Trails (as 
                defined in section 30E(b) of such Code), and
                    (B) the feasibility and estimated costs and 
                benefits of--
                            (i) making such credit refundable (in whole 
                        or in part), and
                            (ii) allowing transfer of such credit.
            (2) Report.--Not later than 4 years after the date of the 
        enactment of this Act, the Secretary of the Interior shall 
        submit a report to Congress on the results of the study 
        conducted under this subsection.
    (d) Conforming Amendment.--The table of sections for subpart B of 
part IV of subchapter A of chapter 1 of such Code is amended by adding 
at the end the following new item:

``30E. National Scenic Trail conservation credit.''.
    (e) Effective Date.--The amendments made by this section shall 
apply to contributions made after the date of the enactment of this 
Act.
                                 <all>
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