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‘‘(2) REDUCTION
FOR
AMOUNT
RECEIVED
FOR
EASEMENT.—The amount determined under para-
graph (1) shall be reduced by any amount received by
the taxpayer in connection with the easement.
‘‘(3) LIMITATION BASED ON AMOUNT OF TAX.—
The credit allowed under subsection (a)(1) for any
taxable year shall not exceed the sum of—
‘‘(A) the taxpayer’s regular tax liability for
the taxable year reduced by the sum of the cred-
its allowable under subpart A and sections 27,
30, 30B, 30C, and 30D, and
‘‘(B) the tax imposed by section 55(a) for
the taxable year.
‘‘(4) CARRYFORWARD
OF
UNUSED
CREDIT.—If
the credit allowable under subsection (a)(1) for any
taxable year exceeds the limitation imposed by para-
graph (3) for such taxable year, such excess shall be
carried to the succeeding taxable year and added to
the credit allowable under subsection (a)(1) for such
succeeding taxable year.
‘‘(5) QUALIFIED
APPRAISALS
REQUIRED.—No
amount shall be taken into account under this sub-
section unless the eligible taxpayer includes with the
taxpayer’s return for the taxable year a qualified ap-
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praisal (within the meaning of section 170(f)(11)(E))
of the real property.
‘‘(e) HABITAT RESTORATION CREDIT.—
‘‘(1) IN GENERAL.—For purposes of subsection
(a)(2), the habitat restoration credit for any taxable
year shall be an amount equal to—
‘‘(A) in the case of a qualified perpetual
habitat protection agreement, 100 percent of the
costs paid or incurred by an eligible taxpayer
during such taxable year pursuant to the habitat
management plan under such agreement,
‘‘(B) in the case of a qualified 30-year habi-
tat protection agreement, 75 percent of the costs
paid or incurred by an eligible taxpayer during
such taxable year pursuant to the habitat man-
agement plan under such agreement, and
‘‘(C) in the case of a qualified habitat pro-
tection agreement, 50 percent of the costs paid or
incurred by an eligible taxpayer during such
taxable year pursuant to the habitat manage-
ment plan under such agreement.
‘‘(2) LIMITATION BASED ON AMOUNT OF TAX.—
The credit allowed under subsection (a)(2) for any
taxable year shall not exceed the excess (if any) of—
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‘‘(A) the regular tax liability for the taxable
year reduced by the sum of the credits allowable
under subpart A, sections 27, 30, 30B, 30C, 30D,
and subsection (a)(1), over
‘‘(B) the tentative minimum tax for the tax-
able year.
‘‘(3) CARRYFORWARD
OF
UNUSED
CREDIT.—If
the credit allowable under subsection (a)(2) for any
taxable year exceeds the limitation imposed by para-
graph (2) for such taxable year, such excess shall be
carried to the succeeding taxable year and added to
the credit allowable under subsection (a)(2) for such
succeeding taxable year.
‘‘(4) SPECIAL RULES.—
‘‘(A) CERTAIN COSTS NOT INCLUDED.—No
amount shall be taken into account with respect
to any cost which is paid or incurred by a tax-
payer to comply with any requirement of a Fed-
eral, State, or local government (other than costs
required under an agreement described in sub-
section (c)).
‘‘(B) SUBSIDIZED
FINANCING.—For pur-
poses of paragraph (1), the amount of costs paid
or incurred by an eligible taxpayer pursuant to
any habitat management plan described in sub-
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section (c)(5)(B) shall be reduced by the amount
of any financing provided under any Federal or
State program a principal purpose of which is
to subsidize financing for the conservation of the
habitat of a qualified species.
‘‘(f) ENDANGERED SPECIES RECOVERY CREDIT LIMI-
TATION.—
‘‘(1) IN GENERAL.—There is an endangered spe-
cies recovery credit limitation for each calendar year.
Such limitation is—
‘‘(A) for 2008, 2009, 2010, 2011, and
2012—
‘‘(i) with respect to allocations de-
scribed in paragraph (2)(A)—
‘‘(I) $5,000,000 with respect to
qualified perpetual habitat protection
agreements,
‘‘(II) $2,000,000 with respect to
qualified 30-year habitat protection
agreements, and
‘‘(III) $1,000,000 with respect to
qualified 
habitat 
protection 
agree-
ments, and
‘‘(ii) with respect to allocations de-
scribed in paragraph (2)(B)—