I 
108TH CONGRESS 
1ST SESSION H. R. 1607
To amend the Internal Revenue Code of 1986 to allow a credit for 
contributions of real property interests for conservation purposes. 
IN THE HOUSE OF REPRESENTATIVES 
APRIL 3, 2003
Mr. GOODE introduced the following bill; which was referred to the Committee 
on Ways and Means 
A BILL 
To amend the Internal Revenue Code of 1986 to allow a 
credit for contributions of real property interests for 
conservation purposes.
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Tax Credits for Con-
servation Act of 2003’’. 
SEC. 2. CREDIT FOR CONSERVATION CONTRIBUTIONS OF 
REAL PROPERTY INTERESTS IN PERPETUITY. 
(a) IN GENERAL.—Subpart B of part IV of sub-
chapter A of chapter 1 of the Internal Revenue Code of
1986 is amended by adding at the end the following new 
section: 
‘‘SEC. 30B. CREDIT FOR CONSERVATION CONTRIBUTIONS 
OF REAL PROPERTY INTERESTS IN PER-
PETUITY. 
‘‘(a) IN GENERAL.—There shall be allowed as a cred-
it against the tax imposed by this chapter for the taxable 
year an amount equal to 50 percent of the aggregate quali-
fied conservation contributions in such taxable year of 
qualified real property interests located in the United 
States or any of its possessions for a conservation purpose 
specified in clause (i), (ii), or (iii) of section 170(h)(4)(A). 
‘‘(b) LIMITATION.—The amount allowed as a credit 
under subsection (a) for a taxable year shall not exceed 
$100,000 ($50,000 for taxable years beginning in 2003 
and $75,000 for taxable years beginning in 2004). 
‘‘(c) DEFINITIONS.—For purposes of this section, the 
terms ‘qualified conservation contribution’ and ‘qualified 
real property interest’ have the meanings given such terms 
by section 170(h). 
‘‘(d) SPECIAL RULES.—For purposes of this sec-
tion—
‘‘(1) CARRYOVER OF UNUSED CREDIT.—If the 
credit allowable under subsection (a) for a taxable 
year exceeds the limitation imposed by subsection
(b) for such taxable year, such excess shall be car-
ried over to the succeeding taxable year and added 
to the credit allowable under subsection (a) for such 
taxable year. No credit may be carried forward 
under this subsection to any taxable year following 
the fifth taxable year after the taxable year in which 
the credit arose. For purposes of the preceding sen-
tence, credits shall be treated as used on a first-in 
first-out basis. 
‘‘(2) RELATED PERSONS.—
‘‘(A) IN GENERAL.—The taxpayer and all 
persons related to the taxpayer shall be treated 
as one person. 
‘‘(B) RELATED PERSON.—For purposes of 
subparagraph (A), a person is a related person 
to another person if—
‘‘(i) the relationship between such per-
sons would result in a disallowance of 
losses under section 267 or 707(b), or 
‘‘(ii) such persons are members of the 
same controlled group of corporations (as 
defined in section 1563(a), except that 
‘more than 50 percent’ shall be substituted 
for ‘at least 80 percent’ each place it ap-
pears therein).
‘‘(3) DENIAL OF DOUBLE BENEFIT.—In the 
case of the amount of the credit determined under 
this section, no deduction shall be allowed for such 
amount under any other provision of this title.’’. 
(b) CONFORMING AMENDMENT.—The table of sec-
tions for subpart B of part IV of subchapter A of chapter 
1 of such Code is amended by adding at the end the fol-
lowing new item:
‘‘Sec. 30B. Credit for conservation contributions of real property 
interests in perpetuity.’’.
(c) EFFECTIVE DATE.—The amendments made by 
this section shall apply to contributions after December 
31, 2002.
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