‘‘(C) specify species conservation goals for
such actions by the person, and measures for
attaining such goals;
‘‘(D) require the person to make measur-
able progress each year in achieving those
goals;
‘‘(E) specify actions to be taken by the
Secretary or the person (or both) to monitor
the effectiveness of the agreement in attaining
those conservation goals;
‘‘(F) require the person to notify the Sec-
retary if—
‘‘(i) any right or obligation of the per-
son under the agreement is assigned to any
other person; or
‘‘(ii) any term of the agreement is
breached by the person or any other person
to whom is assigned a right or obligation
of the person under the agreement;
‘‘(G) specify the date on which the agree-
ment takes effect; and
‘‘(H) provide that the agreement shall not
be in effect on and after any date on which the
Secretary publishes a certification under para-
graph (4) that the person has not complied the
agreement.
‘‘(3) COVERED SPECIES.—A species referred to
in paragraphs (2)(A) (i) and (ii) is any species that
is—
‘‘(A) listed as an endangered species or
threatened species under section 4;
‘‘(B) proposed for such listing under sec-
tion 4; or
‘‘(C) identified by the Secretary as a can-
didate for such listing under section 4.
‘‘(4) REVIEW
AND
APPROVAL
OF
PROPOSED
AGREEMENTS BY SECRETARY.—Upon submission by
any person of a proposed agreement under this sub-
section, the Secretary—
‘‘(A) shall review the proposed agreement
and determine whether it complies with the re-
quirements of this subsection; and
‘‘(B) if the Secretary determines that the
agreement complies with the requirements of
this subsection, shall—
‘‘(i) approve and enter with the per-
son into the agreement; and
‘‘(ii) promptly notify the Secretary of
the Treasury that the agreement has been
entered into, specifying the date on which
the agreement takes effect.
‘‘(5) 
MONITORING
IMPLEMENTATION
OF
AGREEMENT.—The Secretary shall—
‘‘(A) periodically monitor the implementa-
tion of each agreement entered into under this
subsection; and
‘‘(B) based on the information obtained
from that monitoring, annually certify to the
Secretary of the Treasury whether or not each
person that has entered into an agreement
under this subsection has complied with the
agreement.
‘‘(6) STATE
COOPERATION.—The Secretary
shall establish a technical assistance program in co-
operation with the States to assist landowners in the
development and implementation of endangered spe-
cies conservation agreements.’’.
SEC. 202. DEFERRAL OF ESTATE TAXES FOR REAL PROP-
ERTY SUBJECT TO ENDANGERED SPECIES
CONSERVATION AGREEMENT.
(a) IN GENERAL.—Part IV of subchapter A of chap-
ter 11 of the Internal Revenue Code of 1986 (relating to
taxable estate) is amended by adding at the end the fol-
lowing new section:
‘‘SEC. 2058. CERTAIN REAL PROPERTY SUBJECT TO ENDAN-
GERED 
SPECIES 
CONSERVATION 
AGREE-
MENT.
‘‘(a) GENERAL RULE.—If—
‘‘(1) on the due date (including extensions) for
filing the return of tax imposed by section 2001 with
respect to the estate of the decedent, an endangered
species conservation agreement is in effect with re-
spect to any real property included in the decedent’s
estate,
‘‘(2) the executor of such estate—
‘‘(A) elects the application of this section
with respect to such real property, and
‘‘(B) files such agreement with the Sec-
retary, and
‘‘(3) each person entering into such agreement
consents to the application of subsection (c),
then, for purposes of the tax imposed by section 2001,
the value of the taxable estate shall be determined by de-
ducting from the value of the gross estate an amount
equal to the value of such real property.
‘‘(b) ENDANGERED SPECIES CONSERVATION AGREE-
MENT.—For purposes of this section, the term ‘endan-
gered species conservation agreement’ means, with respect
to any real property, any endangered species conservation
agreement (as defined in section 5(c) of the Endangered
Species Act of 1973) which is entered into by each person
who has an interest in such property (whether or not in
possession).
‘‘(c) RECAPTURE OF TAX BENEFIT.—
‘‘(1) DISPOSITION
OF
INTEREST; MATERIAL
BREACH OR TERMINATION OF AGREEMENT.—
‘‘(A) IN GENERAL.—Except as provided in
subparagraph (C), if—
‘‘(i) any person disposes of any inter-
est in any property subject to an endan-
gered species conservation agreement,
‘‘(ii) there is a material breach by any
person who holds an interest in such prop-
erty of such agreement, or
‘‘(iii) such agreement terminates,
then there is hereby imposed an additional es-
tate tax.
‘‘(B) AMOUNT OF TAX.—The amount of
the tax imposed by subparagraph (A) with re-
spect to any interest shall be the amount which
bears the same ratio to the fair market value of
such interest (as of the date of the event caus-
ing such tax to be imposed) as—
‘‘(i) the excess of—