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—
‘‘(I) what would have been the
estate tax liability but for subsection
(a) over
‘‘(II) the estate tax liability,
bears to
‘‘(ii) the value of such interest which
would have been included in determining
the gross estate but for subsection (a).
For purposes of this subparagraph, the term
‘estate tax liability’ means the tax imposed by
section 2001 reduced by the credits allowable
against such tax.
‘‘(C) EXCEPTION
IF
TRANSFEREE
AS-
SUMES
OBLIGATIONS
OF
TRANSFEROR.—Sub-
paragraph (A)(i) shall not apply to a disposition
if the transferee enters into a binding written
agreement—
‘‘(i) to assume the obligations imposed
on the transferor under the endangered
species conservation agreement,
‘‘(ii) to assume personal liability for
any tax imposed under subparagraph (A)
with respect to—
‘‘(I) any future disposition or
breach by such transferee, and
‘‘(II) the termination of the
agreement if such transferee holds an
interest in such property as of such
termination, and
‘‘(iii) to provide written notice to the
Secretary who entered into the endangered
species conservation agreement that the
transferee has assumed such obligations
and liabilities.
‘‘(2) DUE DATE OF ADDITIONAL TAX.—The tax
imposed by paragraph (1) shall become due and pay-
able on—
‘‘(A) in a case described in paragraph
(1)(A)(i), the day that is 6 months after the
date of the disposition, and
‘‘(B) in a case described in clause (ii) or
(iii) of paragraph (1)(A), on April 15 of the cal-
endar year following the calendar year in which
there is a finding under section 5(c)(2) of the
Endangered Species Act of 1973 that the event
described in such clause has occurred.
‘‘(d) STATUTE OF LIMITATIONS.—If a taxpayer in-
curs a tax liability pursuant to subsection (c), then—
‘‘(1) the statutory period for the assessment of
any additional tax imposed by subsection (c) shall
not expire before the expiration of 3 years from the
date the Secretary is notified (in such manner as the
Secretary may by regulation prescribe) of the incur-
ring of such tax liability, and
‘‘(2) such additional tax may be assessed before
the expiration of such 3-year period notwithstanding
the provisions of any other law or rule of law that
would otherwise prevent such assessment.
‘‘(e) ELECTION AND FILING OF AGREEMENT.—The
election under this section shall be made on the return
of the tax imposed by section 2001. Such election, and
the filing under subsection (a) of an endangered species
conservation agreement, shall be made in such manner as
the Secretary shall by regulation provide.’’
(b) CLERICAL AMENDMENT.—The table of sections
for part IV of subchapter A of chapter 11 of such Code
is amended by adding at the end the following new item:
‘‘Sec. 2058. Certain real property subject to endangered species
conservation agreement.’’
(c) EFFECTIVE DATE.—The amendments made by
this section shall apply to estates of decedents dying after
the date of the enactment of this Act.
SEC. 203. ADDITIONAL DEDUCTION FOR CERTAIN STATE
AND LOCAL REAL PROPERTY TAXES IM-
POSED WITH RESPECT TO PROPERTY SUB-
JECT TO AN ENDANGERED SPECIES CON-
SERVATION AGREEMENT.
(a) IN GENERAL.—Section 164 of the Internal Reve-
nue Code of 1986 is amended by redesignating subsection
(g) as subsection (h) and by adding the following new sub-
section (g):
‘‘(g) ADDITIONAL DEDUCTION FOR CERTAIN STATE
AND LOCAL PROPERTY TAXES IMPOSED WITH RESPECT
TO PROPERTY SUBJECT TO AN ENDANGERED SPECIES
CONSERVATION AGREEMENT.—
‘‘(1) GENERAL RULE.—Except as provided in
paragraph (3), there shall be allowed as a deduction
an amount equal to 25 percent of the deduction al-
lowed for the taxable year under this section (with-
out regard to this subsection) for State and local
real property taxes imposed on property to which
this subsection applies. The deduction under this
subsection shall be in addition to any other deduc-
tion allowed by this section.
‘‘(2) PROPERTY
TO
WHICH
SUBSECTION
AP-
PLIES.—This subsection shall apply to property
which, on the last day of the taxable year—
‘‘(A) is subject to an endangered species
conservation agreement under section 5(c) of
the Endangered Species Act of 1973 (16 U.S.C.
1534(c)), and
‘‘(B) with respect to which no event de-
scribed in section 2058(c)(1)(A) (other than a
disposition described in section 2058(c)(1)(C))
has occurred.
‘‘(3) DEDUCTION NOT ALLOWED.—No deduc-
tion shall be allowed pursuant to this subsection for
taxes imposed upon real property subject to a per-
petual easement that is valued pursuant to section
170(h)(7).’’.
(b) EFFECTIVE DATE.—The amendment made by
this section shall apply to taxable years ending after the
date of the enactment of this Act.
SEC. 204. CREDIT FOR COSTS OF COMPLIANCE WITH EN-
DANGERED SPECIES CONSERVATION AGREE-
MENT.
(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. COSTS OF COMPLIANCE WITH ENDANGERED
SPECIES CONSERVATION AGREEMENT.
‘‘(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 the endangered species conserva-
tion agreement costs paid or incurred by the taxpayer dur-
ing the taxable year.
‘‘(b) ENDANGERED SPECIES CONSERVATION AGREE-
MENT COSTS.—For purposes of subsection (a), the term
‘endangered species conservation agreement costs’ means
expenses which would not have been incurred by the tax-
payer but for an endangered species conservation agree-
ment (as defined in section 5(c) of the Endangered Species
Act of 1973) entered into by the taxpayer.
‘‘(c) APPLICATION WITH OTHER CREDITS.—The
credit allowed by subsection (a) for any taxable year shall
not exceed the excess (if any) of—
‘‘(1) the regular tax for the taxable year re-
duced by the sum of the credits allowable under sub-
part A and the preceding sections of this subpart,
over
‘‘(2) the tentative minimum tax for the taxable
year.’’
(b) CLERICAL AMENDMENT.—The table of sections
for such subpart B is amended by adding at the end the
following new item:
‘‘Sec. 30B. Costs of compliance with endangered species conserva-
tion agreement.’’
(c) EFFECTIVE DATE.—The amendments made by
this section shall apply to taxable years ending after the
date of the enactment of this Act.
TITLE III—AUTHORIZATION OF
APPROPRIATIONS
SEC. 301. AUTHORIZATION OF APPROPRIATIONS.
Section 15 (16 U.S.C. 1542) is amended to read as
follows:
‘‘AUTHORIZATION OF APPROPRIATIONS
‘‘SEC. 15. (a) IN GENERAL.—There are authorized
to be appropriated—
‘‘(1) to the Secretary of the Interior for carry-
ing out this Act—
‘‘(A) $130,000,000 for fiscal year 2000;
‘‘(B) $135,000,000 for fiscal year 2001;
‘‘(C) $140,000,000 for fiscal year 2002;
and
‘‘(D) $145,000,000 for fiscal year 2003;
and
‘‘(2) to the Secretary of Commerce for carrying
out this Act—
‘‘(A) $30,000,000 for fiscal year 2000;
‘‘(B) $35,000,000 for fiscal year 2001;
‘‘(C) $40,000,000 for fiscal year 2002; and
‘‘(D) $45,000,000 for fiscal year 2003.
‘‘(b) CONVENTION IMPLEMENTATION.—In addition
to other amounts authorized by this section, there are au-
thorized to be appropriated to the Secretary of the Interior
for carrying out functions under section 8 related to imple-
mentation of the Convention on International Trade in
Endangered Species of Wild Fauna and Flora—
‘‘(1) $3,000,000 for each of fiscal years 2000
and 2001; and
‘‘(2) $4,000,000 for each of fiscal years 2002
and 2003.
‘‘(c) HABITAT CONSERVATION PLAN FUND.—In ad-
dition to other amounts authorized by this section, there
are authorized to be appropriated to the Habitat Con-
servation Plan Fund established under section 10
$20,000,000 for each of fiscal years 2000, 2001, 2002,
and 2003.
‘‘(d) COOPERATIVE AGREEMENT FUNDS.—In addi-
tion to other amounts authorized by this section, there are
authorized to be appropriated—
‘‘(1) to the Secretary of the Interior for enter-
ing into cooperative agreements under section 6 with
States and Indian Tribes, $20,000,000 for each of
fiscal years 2000, 2001, 2002, and 2003; and
‘‘(2) to the Secretary of Commerce for entering
into cooperative agreements under section 6 with
States and Indian Tribes, $5,000,000 for each of
fiscal years 2000, 2001, 2002, and 2003.’’.
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