To amend the Internal Revenue Code of 1986 to encourage charitable contributions of real property for conservation purposes by Native Corporations.

Bill: 114-hr-338
Sponsor: full_name: Rep. Young, Don [R-AK-At Large]
Introduced: 2015-01-13
Policy area: Taxation
Subjects: Alaska

Alaska Natives and Hawaiians

Income tax deductions

Indian claims

Indian lands and resources rights

Land use and conservation
Latest action: action_date: 2015-01-13
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2015-01-13
action_desc: Introduced in House
text: <p>Amends the Internal Revenue Code to allow Alaska Native Corporations an increased tax deduction for donations of conservation easements related to lands conveyed under the Alaska Native Claims Settlement Act. Permits a 15-year carryover of contribution amounts that exceed annual limitations on the amount of such tax deduction.</p>

tv_txt: I 114th CONGRESS 1st Session H. R. 338 IN THE HOUSE OF REPRESENTATIVES January 13, 2015 Mr. Young of Alaska 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 encourage charitable contributions of real property for conservation purposes by Native Corporations.

1. Encouragement of contributions of capital gain real property made for conservation purposes by Native Corporations (a) In general Section 170(b)(2) of the Internal Revenue Code of 1986 is amended by redesignating subparagraph (C) as subparagraph (D), and by inserting after subparagraph (B) the following new subparagraph: (C) Qualified conservation contributions by certain Native Corporations (i) In general Any qualified conservation contribution (as defined in subsection (h)(1)) which— (I) is made by a Native Corporation, and (II) is a contribution of property which was land conveyed under the Alaska Native Claims Settlement Act, shall be allowed to the extent that the aggregate amount of such contributions does not exceed the excess of the taxpayer’s taxable income over the amount of charitable contributions allowable under subparagraph (A). (ii) Carryover If the aggregate amount of contributions described in clause (i) exceeds the limitation of clause (i), such excess shall be treated (in a manner consistent with the rules of subsection (d)(2)) as a charitable contribution to which clause (i) applies in each of the 15 succeeding years in order of time. (iii) Definition For purposes of clause (i), the term Native Corporation has the meaning given such term by section 3(m) of the Alaska Native Claims Settlement Act. (iv) Valid existing rights preserved Nothing in this provision shall be construed to modify the existing property rights validly conveyed to Native Corporations under the Alaska Native Claims Settlement Act. . (b) Conforming amendment Section 170(b)(2)(A) of such Code is amended by striking subparagraph (B) applies and inserting subparagraphs (B) or (C) apply . (c) Effective date The amendments made by this section shall apply to contributions made in taxable years beginning after December 31, 2014.