Conservation Easement Incentive Act of 2015

Bill: 114-hr-641
Sponsor: full_name: Rep. Kelly, Mike [R-PA-3]
Introduced: 2015-02-02
Policy area: Taxation
Subjects: Alaska

Alaska Natives and Hawaiians

Income tax deductions

Land transfers

Land use and conservation

Social work, volunteer service, charitable organizations

Wildlife conservation and habitat protection
Latest action: action_date: 2015-02-09
text: Placed on the Union Calendar, Calendar No. 11.

Summaries:
action_date: 2015-02-02
action_desc: Introduced in House
text: <p><strong>Conservation Easement Incentive Act of 2015</strong></p> <p>Amends the Internal Revenue Code to: (1) make permanent the tax deduction for charitable contributions by individuals and corporations of real property interests for conservation purposes, and (2) allow Native Corporations an increased tax deduction for donations of conservation easements related to lands conveyed under the Alaska Native Claims Settlement Act. </p>

action_date: 2015-02-09
action_desc: Reported to House with amendment(s)
text: <p><b>Conservation Easement Incentive Act of 2015</b></p> <p>(Sec. 2) This bill amends the Internal Revenue Code to make permanent after 2014 the tax deduction for charitable contributions by individuals and corporations of real property interests for conservation purposes. </p> <p>The bill also allows a tax deduction for conservation contributions made by a Native Corporation of land conveyed under the Alaska Claims Settlement Act.</p>

tv_txt: IB Union Calendar No. 11 114th CONGRESS 1st Session H. R. 641 [Report No. 114–17] IN THE HOUSE OF REPRESENTATIVES February 2, 2015 Mr. Kelly of Pennsylvania (for himself, Mr. Thompson of California , Mr. Benishek , Mr. Blumenauer , Mrs. Capps , Mr. Costello of Pennsylvania , Mr. Dent , Mr. Doggett , Ms. Esty , Mr. Frelinghuysen , Mr. Garamendi , Mr. Joyce , Ms. Kaptur , Mr. Kind , Ms. Kuster , Mr. Larson of Connecticut , Mrs. Lummis , Mr. McDermott , Mr. McGovern , Mr. Meehan , Mr. Neal , Mr. Rangel , Mr. Reed , Ms. Linda T. Sánchez of California , Mr. Schock , Mr. Sensenbrenner , Ms. Tsongas , Mr. Walz , Mr. Gibson , Mr. Smith of Missouri , Mr. Marino , Mr. Young of Alaska , Mr. Welch , Mr. Zinke , Mr. Murphy of Florida , and Mr. Sanford ) introduced the following bill; which was referred to the Committee on Ways and Means February 9, 2015 Additional sponsors: Mr. DesJarlais , Mr. Fitzpatrick , Mr. Murphy of Pennsylvania , Mr. Pitts , Mr. Peterson , Mr. Tipton , Mr. Langevin , Ms. Pingree , Mr. MacArthur , Mr. Swalwell of California , Mr. Paulsen , Mr. Barletta , Mr. Polis , Mr. Young of Indiana , Mr. Sean Patrick Maloney of New York , Mr. Sessions , Mr. Roskam , Mr. Williams , and Mr. Simpson February 9, 2015 Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed Strike out all after the enacting clause and insert the part printed in italic For text of introduced bill, see copy of bill as introduced on February 2, 2015 A BILL To amend the Internal Revenue Code of 1986 to make permanent the special rule for contributions of qualified conservation contributions.

1. Short title This Act may be cited as the Conservation Easement Incentive Act of 2015 . 2. Special rule for qualified conservation contributions made permanent (a) In general (1) Individuals Subparagraph (E) of section 170(b)(1) of the Internal Revenue Code of 1986 (relating to contributions of qualified conservation contributions) is amended by striking clause (vi). (2) Corporations Subparagraph (B) of section 170(b)(2) of such Code (relating to qualified conservation contributions) is amended by striking clause (iii). (b) Contributions of capital gain real property made for conservation purposes by Native Corporations (1) In general Section 170(b)(2) of such Code 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 taxable years in order of time. (iii) Native Corporation For purposes of this subparagraph, the term Native Corporation has the meaning given such term by section 3(m) of the Alaska Native Claims Settlement Act. . (2) Conforming amendments (A) Section 170(b)(2)(A) of such Code is amended by striking subparagraph (B) applies and inserting subparagraph (B) or (C) applies . (B) Section 170(b)(2)(B)(ii) of such Code is amended by striking 15 succeeding years and inserting 15 succeeding taxable years . (3) Valid existing rights preserved Nothing in this subsection (or any amendment made by this subsection) shall be construed to modify the existing property rights validly conveyed to Native Corporations (within the meaning of section 3(m) of the Alaska Native Claims Settlement Act) under such Act. (c) Effective date The amendments made by this section shall apply to contributions made in taxable years beginning after December 31, 2014.

February 9, 2015 Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed

tv_txt: I 114th CONGRESS 1st Session H. R. 641 IN THE HOUSE OF REPRESENTATIVES February 2, 2015 Mr. Kelly of Pennsylvania (for himself, Mr. Thompson of California , Mr. Benishek , Mr. Blumenauer , Mrs. Capps , Mr. Costello of Pennsylvania , Mr. Dent , Mr. Doggett , Ms. Esty , Mr. Frelinghuysen , Mr. Garamendi , Mr. Joyce , Ms. Kaptur , Mr. Kind , Ms. Kuster , Mr. Larson of Connecticut , Mrs. Lummis , Mr. McDermott , Mr. McGovern , Mr. Meehan , Mr. Neal , Mr. Rangel , Mr. Reed , Ms. Linda T. Sánchez of California , Mr. Schock , Mr. Sensenbrenner , Ms. Tsongas , Mr. Walz , Mr. Gibson , Mr. Smith of Missouri , Mr. Marino , Mr. Young of Alaska , Mr. Welch , Mr. Zinke , Mr. Murphy of Florida , and Mr. Sanford ) 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 make permanent the special rule for contributions of qualified conservation contributions.

1. Short title This Act may be cited as the Conservation Easement Incentive Act of 2015 . 2. Special rule for contributions of qualified conservation contributions made permanent (a) In general (1) Individuals Subparagraph (E) of section 170(b)(1) of the Internal Revenue Code of 1986 (relating to contributions of qualified conservation contributions) is amended by striking clause (vi). (2) Corporations Subparagraph (B) of section 170(b)(2) of such Code (relating to qualified conservation contributions) is amended by striking clause (iii). (b) Contributions of capital gain real property made for conservation purposes by Native Corporations (1) In general Section 170(b)(2) of such Code 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) Native Corporation For purposes of this subparagraph, the term Native Corporation has the meaning given such term by section 3(m) of the Alaska Native Claims Settlement Act. . (2) Conforming amendment Section 170(b)(2)(A) of such Code is amended by striking subparagraph (B) applies and inserting subparagraph (B) or (C) applies . (3) Valid existing rights preserved Nothing in this subsection (or any amendment made by this subsection) shall be construed to modify the existing property rights validly conveyed to Native Corporations (within the meaning of section 3(m) of the Alaska Native Claims Settlement Act) under such Act. (c) Effective date The amendments made by this section shall apply to contributions made in taxable years beginning after December 31, 2014.