Charitable Conservation Easement Program Integrity Act of 2019

Bill: 116-s-170
Sponsor: full_name: Sen. Daines, Steve [R-MT]
Introduced: 2019-01-16
Policy area: Taxation
Subjects: Charitable contributions

Income tax deductions

Land use and conservation

Wildlife conservation and habitat protection
Latest action: action_date: 2019-01-16
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2019-01-16
action_desc: Introduced in Senate
text: <p><b>Charitable Conservation Easement Program Integrity Act of 201</b><b>9</b></p> <p>This bill limits the aggregate amount of a partner's annual tax deductions for qualified conservation contributions of a partnership to 2.5 times the partner's adjusted basis in the partnership. (Under current law, a "qualified conservation contribution" is the contribution of a qualified real property interest to a qualified organization exclusively for conservation purposes.) </p> <p>The limitation applies for the first three taxable years after the individual becomes a partner in the partnership. It does not apply to certain family partnerships. </p>

tv_txt: II 116th CONGRESS 1st Session S. 170 IN THE SENATE OF THE UNITED STATES January 16, 2019 Mr. Daines (for himself and Ms. Stabenow ) introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To amend the Internal Revenue Code of 1986 to limit the amount of certain qualified conservation contributions.

1. Short title This Act may be cited as the Charitable Conservation Easement Program Integrity Act of 2019 . 2. Limitation on partner’s deduction for qualified conservation contributions made by partnership (a) In general Section 170(h) of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph: (7) Limitation on partnership allocation of contributions (A) In general In the case of any qualified conservation contributions of any partnership (whether directly or as a distributive share of such contributions of another partnership), no amount of such contributions may be taken into account under this section by any partner of such partnership as a distributive share of such contributions if the aggregate amount so taken into account by such partner for the taxable year would (but for this paragraph) exceed 2.5 times such partner’s adjusted basis in such partnership (determined as of the close of such taxable year and without regard to such contributions). The preceding sentence shall apply only with respect to the first 3 taxable years of such partner which end after the date on which such partner first became a partner in the partnership. (B) Exception for family partnerships Subparagraph (A) shall not apply with respect to any partnership if substantially all of the partnership interests in such partnership are held by individuals who are related within the meaning of section 152(d)(2). (C) Regulations The Secretary shall prescribe such regulations or other guidance as may be necessary to carry out, and prevent the avoidance of, the purposes of this paragraph. . (b) Effective date This section shall apply to contributions made in taxable years ending after December 23, 2016. No inference is intended as the appropriate treatment of contributions made in taxable years ending on or before such date or as to any activity not described in section 170(h)(7) of the Internal Revenue Code of 1986, as added by this section.