System Act (16 U.S.C. 1244), but only if such trail 
is at least 200 miles in length. 
‘‘(3) TRAIL
CORRIDOR.—The term ‘trail cor-
ridor’ means so much of the corridor of a trail as 
is— 
‘‘(A) not less than— 
‘‘(i) 150 feet wide on each side of 
such trail, or 
‘‘(ii) in the case of an interest in real 
property of the taxpayer which includes 
less than 150 feet on either side of such 
trail, the entire distance with respect to 
such interest on such side, and 
‘‘(B) not greater than 2,640 feet wide. 
‘‘(4) QUALIFIED
CONSERVATION
CONTRIBU-
TION; 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 a qualified real property interest shall include 
the entire interest of the taxpayer in real property. 
‘‘(c) SPECIAL RULES.— 
‘‘(1) FAIR MARKET VALUE.—Fair market value 
of any National Scenic Trail conservation contribu-
tion shall be determined under rules similar to the 
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valuation rules under Treasury Regulations 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 deduc-
tion shall be allowed under this chapter with respect 
to any qualified conservation contribution with re-
spect to which an election is made under this sec-
tion. 
‘‘(d) LIMITATION BASED
ON AMOUNT
OF TAX; 
CARRYFORWARD OF UNUSED CREDIT.— 
‘‘(1) LIMITATION.—The credit allowed under 
subsection (a) 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 
credits allowable under subpart A and sections 
27, 30, 30B, 30C, and 30D, plus 
‘‘(B) the tax imposed by section 55. 
‘‘(2) CARRYFORWARD.— 
‘‘(A) IN GENERAL.—If the credit allowable 
under subsection (a) exceeds the limitation im-
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posed by paragraph (1) for any taxable year, 
such excess shall be carried to the succeeding 
taxable year and added to the credit allowable 
under subsection (a) for such succeeding tax-
able year. 
‘‘(B) LIMITATION.—No credit may be car-
ried forward under this subsection to any tax-
able 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 sec-
tion 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 vehi-
cle 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.— 
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(1) IN GENERAL.—The Secretary of the Inte-
rior 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 com-
pleting, 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 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: 
‘‘30E. National Scenic Trail conservation credit.’’. 
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(e) EFFECTIVE DATE.—The amendments made by 
this section shall apply to contributions made after the 
date of the enactment of this Act. 
Æ 
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