of a State, all such agencies shall be treated as
a single agency.
‘‘(C) STATE CONSERVATION CREDIT CEIL-
ING.—The State conservation credit ceiling ap-
plicable to any State for any calendar year shall
be an amount equal to the sum of—
‘‘(i) the lesser of—
‘‘(I) an amount equal to the ag-
gregate annual credit multiplied by a
fraction, the numerator of which is
the amount of land located in such
State that is used for agricultural
purposes and the denominator of
which is the amount of land in all
States that is used for agricultural
purposes, or
‘‘(II) an amount equal to 4 per-
cent of the aggregate annual credit
for that year,
‘‘(ii) the amount (if any) allocated
under subparagraph (D) to such State by
the Secretary,
‘‘(iii) the unused State conservation
credit ceiling (if any) of such State for the
preceding calendar year,
‘‘(iv) the amount of the State con-
servation credit ceiling returned in the cal-
endar year, plus
‘‘(v) the amount (if any) allocated
under subparagraph (E) to such State by
the Secretary.
For purposes of clause (i), the aggregate annual
credit is $4,000,000,000. For purposes of clause
(iii), the unused State conservation credit ceiling for
any calendar year is the excess (if any) of the sum
of the amounts described in clauses (i), (ii), and (iv)
over the aggregate conservation credit dollar amount
allocated for such year. For purposes of clause (iv),
the amount of State conservation credit ceiling
returned in the calendar year equals the conserva-
tion credit dollar amount previously allocated within
the State to any proposed acquisition of a qualified
real property interest which is not acquired within
the period required by the terms of the allocation or
to any proposed acquisition of a qualified real prop-
erty interest with respect to which an allocation is
canceled by mutual consent of the conservation cred-
it agency and the qualified conservation organization
receiving the allocation.
‘‘(D) UNUSED AGGREGATE ANNUAL CRED-
IT.—Any portion of the aggregate annual credit
for a calendar year that is not allocated to a
State’s conservation credit ceiling because of
the 4 percent limitation under subparagraph
(C)(i)(II) shall be allocated by the Secretary
among the remaining States, subject to such 4
percent limitation, in proportion to their respec-
tive land used for agricultural purposes.
‘‘(E) 
UNUSED
CONSERVATION
CREDIT
CARRYOVERS
ALLOCATED
AMONG
CERTAIN
STATES.—
‘‘(i) IN GENERAL.—The unused con-
servation credit carryover of a State for
any calendar year shall be assigned to the
Secretary for allocation among qualified
States for the succeeding calendar year.
‘‘(ii) UNUSED CONSERVATION CREDIT
CARRYOVER.—For purposes of this para-
graph, the unused conservation credit car-
ryover of a State for any calendar year is
the excess (if any) of the unused State
conservation credit ceiling for such year
(as defined in subparagraph (C)(iii)) over
the excess (if any) of—
‘‘(I) the aggregate conservation
credit dollar amount allocated for
such year, over
‘‘(II) the sum of the amounts de-
scribed in clauses (i), (ii), and (iv) of
subparagraph (C).
‘‘(iii) FORMULA FOR ALLOCATION OF
UNUSED
CONSERVATION
CREDIT
CARRYOVERS
AMONG
QUALIFIED
STATES.—The amount allocated under this
subparagraph to a qualified State for any
calendar year shall be the amount deter-
mined by the Secretary to bear the same
ratio to the aggregate unused conservation
credit carryovers of all States for the pre-
ceding calendar year as such State’s land
used for agricultural purposes for the cal-
endar year bears to the land used for agri-
cultural purposes of all qualified States for
the calendar year.
‘‘(iv) QUALIFIED STATE.—For pur-
poses of this subparagraph, the term
‘qualified State’ means, with respect to a
calendar year, any State—