Conservation Capital Gains Exclusion Act of 2018

Bill: 115-hr-6999
Sponsor: full_name: Rep. Meadows, Mark [R-NC-11]
Introduced: 2018-09-28
Policy area: Taxation
Subjects: Capital gains tax

Income tax exclusion

Land transfers

Land use and conservation
Latest action: action_date: 2018-09-28
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2018-09-28
action_desc: Introduced in House
text: <p><b>Conservation Capital Gains Exclusion Act of 2018</b></p> <p>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. </p> <p>A &quot;qualified organization&quot; includes certain governmental units and tax-exempt organizations. </p> <p>A &quot;qualified real property interest&quot; 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.</p>

tv_txt: I 115th CONGRESS 2d Session H. R. 6999 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.

1. Short title This Act may be cited as the Conservation Capital Gains Exclusion Act of 2018 . 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: 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.