Title: Conservation Capital Gains Exclusion Act of 2018
Policy area: Taxation

Summary:
Conservation Capital Gains Exclusion Act of 2018
This bill amends the Internal Revenue Code to exclude from gross income, for income tax purposes, any gain from the sale of land or a qualified real property interest to a qualified organization exclusively for conservation purposes.
A "qualified organization" includes certain governmental units and tax-exempt organizations.
A "qualified real property interest" is any interest in real property that is: (1) the entire interest of the taxpayer, (2) a remainder interest, or (3) a restriction (granted in perpetuity) on the use which may be made of the real property.

[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6999 Introduced in House (IH)]

<DOC>






115th CONGRESS
  2d Session
                                H. R. 6999

To amend the Internal Revenue Code of 1986 to exclude from gross income 
gain the sale of land and/or other qualified real property interests in 
                    sales for conservation purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           September 28, 2018

 Mr. Meadows 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 exclude from gross income 
gain the sale of land and/or other qualified real property interests in 
                    sales for conservation purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Conservation Capital Gains Exclusion 
Act of 2018''.

SEC. 2. EXCLUSION OF GAIN FROM SALE OF LAND OR QUALIFIED REAL PROPERTY 
              INTERESTS FOR CONSERVATION PURPOSES.

    (a) In General.--Part III of subchapter B of chapter 1 of the 
Internal Revenue Code of 1986 is amended by inserting before section 
140 the following new section:

``SEC. 139H. GAIN FROM SALE OF LAND OR QUALIFIED REAL PROPERTY 
              INTERESTS FOR CONSERVATION PURPOSES.

    ``(a) In General.--Gross income shall not include any gain from the 
sale of land or a qualified real property interest to a qualified 
organization exclusively for conservation purposes.
    ``(b) Definitions.--For purposes of this section--
            ``(1) Qualified real property interest.--
                    ``(A) In general.--The term `qualified real 
                property interest' means any of the following interests 
                in real property:
                            ``(i) The entire interest of the taxpayer.
                            ``(ii) A remainder interest.
                            ``(iii) A restriction (granted in 
                        perpetuity) on the use which may be made of the 
                        real property.
                    ``(B) Special rule for mineral interests.--An 
                interest in real property shall not fail to be treated 
                as a qualified real property interest solely by reason 
                of a retention of a qualified mineral interest.
            ``(2) Qualified organization; conservation purposes.--The 
        terms `qualified organization' and `conservation purpose' shall 
        have the respective meanings given such terms by section 
        170(h).''.
    (b) Clerical Amendment.--The table of sections for part III of 
subchapter B of chapter 1 of such Code is amended by inserting before 
the item relating to section 140 the following new item:

``Sec. 139H. Gain from sale or grant of conservation easement.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after the date of the enactment of 
this Act.
                                 <all>