Habitat and Land Conservation Act of 2007

Bill: 110-s-2223
Sponsor: Sen. Baucus, Max [D-MT]
Introduced: 2007-10-24 in the Senate
Policy area: Taxation
Subjects: Agriculture and Food
Animals
Brownfields
Capital gains tax
Charitable contributions
Commerce
Congress
Congressional investigations
Congressional reporting requirements
Conservation easements
Corporation taxes
Endangered species
Environmental Protection
Habitat conservation
Hazardous wastes
Income tax
Infrastructure
Irrigation
Land use
Leases
Open space lands
Public Lands and Natural Resources
Reservoirs
Restoration ecology
Stocks
Tax credits
Tax deductions
Tax exclusion
Tax-exempt organizations
Water Resources Development
Wildlife conservation

Summary:
action_date: 2007-10-24
text: 
Habitat and Land Conservation Act of 2007 - Amends Internal Revenue Code provisions relating to habitat conservation and restoration to: (1) make permanent the special rule allowing an enhanced tax deduction for contributions of capital gain real property for conservation purposes; (2) allow a tax credit for costs and landowner losses relating to habitat protection and restoration; (3) allow a tax deduction for expenditures related to endangered species recovery plans approved by the Endangered Species Act of 1973; (4) exclude from gross income certain payments under the Fish and Wildlife Act of 1956; (5) extend through 2010 the taxpayer election to expense (i.e., deduct in full in the current taxable year) certain environmental remediation expenditures; and (6) allow tax-free exchanges of shares in certain mutual ditch, reservoir, or irrigation companies. 

Amends the American Jobs Creation Act of 2004 to change the effective dates applicable to leases of tax-exempt use property to foreign entities. 

action_date: 2007-10-24
text: 

(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)

Habitat and Land Conservation Act of 2007 - Amends the Internal Revenue Code to provide tax incentives for habitat conservation and restoration. 

Makes permanent the special rule allowing an enhanced tax deduction for individual and corporate charitable contributions of capital gain real property for conservation purposes. 

Allows certain landowners whose property contains the habitat of an endangered or threatened species and who enter into a habitat protection agreement a tax credit for costs and property losses relating to habitat protection easements and restoration. Places limits on the amount of such credit for each of calendar years 2008 through 2012. Directs the Comptroller General of the United States to study and report to Congress on the effectiveness of such credit.

Allows a tax deduction for expenditures related to endangered species recovery plans approved under the Endangered Species Act of 1973. 

Excludes from gross income certain payments under: (1) the Partners for Fish and Wildlife Program authorized by the Partners for Fish and Wildlife Act; and (2) the Landowner Incentive Program, the State Wildlife Grants Program, and the Private Stewardship Grants Program authorized by the Fish and Wildlife Act of 1956.

Extends through 2010 the taxpayer election to expense (deduct in the current taxable year) expenditures made for environmental remediation (i.e., abatement or control of hazardous substances at contaminated sites).

Allows tax-free exchanges of shares in certain mutual ditch, reservoir, or irrigation companies.

Amends the American Jobs Creation Act of 2004 to change the effective dates applicable to leases of tax-exempt use property to foreign entities.


Legislative actions:
action_date: 2007-10-24
text: Placed on Senate Legislative Calendar under General Orders. Calendar No. 442.
action_date: 2007-10-24
text: Committee on Finance. Original measure reported to Senate by Senator Baucus. With written report No. 110-205.
action_date: 2007-10-24
text: Committee on Finance. Original measure reported to Senate by Senator Baucus. With written report No. 110-205.
action_date: 2007-10-24
text: Introduced in Senate