In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.

Input: Consider Input: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Pay It Back Act''.

SEC. 2. FINDINGS.

    Congress finds that--
            (1) the Congressional Budget Office estimates that the 
        deficit for this fiscal year will reach $1.6 trillion or 11 
        percent of the Gross Domestic Product;
            (2) this deficit represents the largest relative deficit 
        since the end of World War II;
            (3) the Congressional Budget Office estimates that the 
        fiscal year 2010 deficit will reach $1.4 trillion; and
            (4) given the choice between forcing our children to pay 
        for the national debt and requiring banks and other 
        beneficiaries of the goodwill of the taxpayer to make a down 
        payment now, we choose to help our kids.

SEC. 3. AMENDMENT TO TARP AUTHORIZATION.

    Section 115(a)(3) of the Emergency Economic Stabilization Act of 
2008 (12 U.S.C. 5225(a)(3)) is amended by striking ``outstanding at any 
one time'' and inserting ``, in the aggregate (or such higher amount, 
in the aggregate, as has been obligated or expended under this Act as 
of the date of enactment of the Pay It Back Act)''.

SEC. 4. REPORT.

    Section 106 of the Emergency Economic Stabilization Act of 2008 (12 
U.S.C. 5216) is amended by inserting at the end the following:
    ``(f) Report.--The Secretary of the Treasury shall report to 
Congress every 6 months on amounts received and transferred to the 
general fund under subsection (d).''.

SEC. 5. AMENDMENTS TO HOUSING AND ECONOMIC RECOVERY ACT OF 2008.

    (a) Sale of Fannie Mae Obligations and Securities by the Treasury; 
Deficit Reduction.--Section 304(g)(2) of the Federal National Mortgage 
Association Charter Act (12 U.S.C. 1719(g)(2)) is amended--
            (1) by redesignating subparagraph (C) as subparagraph (D); 
        and
            (2) by inserting after subparagraph (B) the following:
                    ``(C) Deficit reduction.--The Secretary of the 
                Treasury shall--
                            ``(i) deposit in the General Fund of the 
                        Treasury any amounts received by the Secretary 
                        for the sale of any obligation or security 
                        acquired by the Secretary under this 
                        subsection; and
                            ``(ii) ensure that such amounts so 
                        deposited--
                                    ``(I) are dedicated for the sole 
                                purpose of deficit reduction; and
                                    ``(II) are prohibited from use as 
                                an offset for other spending increases 
                                or revenue reductions.''.
    (b) Sale of Freddie Mac Obligations and Securities by the Treasury; 
Deficit Reduction.--Section 306(l)(2) of the Federal Home Loan Mortgage 
Corporation Act (12 U.S.C. 1455(l)(2)) is amended--
            (1) by redesignating subparagraph (C) as subparagraph (D); 
        and
            (2) by inserting after subparagraph (B) the following:
                    ``(C) Deficit reduction.--The Secretary of the 
                Treasury shall--
                            ``(i) deposit in the General Fund of the 
                        Treasury any amounts received by the Secretary 
                        for the sale of any obligation or security 
                        acquired by the Secretary under this 
                        subsection; and
                            ``(ii) ensure that such amounts so 
                        deposited--
                                    ``(I) are dedicated for the sole 
                                purpose of deficit reduction; and
                                    ``(II) are prohibited from use as 
                                an offset for other spending increases 
                                or revenue reductions.''.
    (c) Sale of Federal Home Loan Banks Obligations by the Treasury; 
Deficit Reduction.--Section 11(l)(2) of the Federal Home Loan Bank Act 
(12 U.S.C. 1431(l)(2)) is amended--
            (1) by redesignating subparagraph (C) as subparagraph (D); 
        and
            (2) by inserting after subparagraph (B) the following:
                    ``(C) Deficit reduction.--The Secretary of the 
                Treasury shall--
                            ``(i) deposit in the General Fund of the 
                        Treasury any amounts received by the Secretary 
                        for the sale of any obligation acquired by the 
                        Secretary under this subsection; and
                            ``(ii) ensure that such amounts so 
                        deposited--
                                    ``(I) are dedicated for the sole 
                                purpose of deficit reduction; and
                                    ``(II) are prohibited from use as 
                                an offset for other spending increases 
                                or revenue reductions.''.
    (d) Repayment of Fees.--Any periodic commitment fee or any other 
fee or assessment paid by the Federal National Mortgage Association or 
Federal Home Loan Mortgage Corporation to the Secretary of the Treasury 
as a result of any preferred stock purchase agreement, mortgage-backed 
security purchase program, or any other program or activity authorized 
or carried out pursuant to the authorities granted to the Secretary of 
the Treasury under the amendments made by section 1117 of the Housing 
and Economic Recovery Act of 2008 (Public Law 110-289; 122 Stat. 2683), 
including any fee agreed to by contract between the Secretary and the 
Association or Corporation, shall be deposited in the General Fund of 
the Treasury where such amounts shall be--
            (1) dedicated for the sole purpose of deficit reduction; 
        and
            (2) prohibited from use as an offset for other spending 
        increases or revenue reductions.

SEC. 6. FEDERAL HOUSING FINANCE AGENCY REPORT.

    The Director of the Federal Housing Finance Agency shall submit to 
Congress a report on the plans of the Agency to continue to support and 
maintain the Nation's vital housing industry, while at the same time 
guaranteeing that the American taxpayer will not suffer unnecessary 
losses.

SEC. 7. REPAYMENT OF UNOBLIGATED ARRA FUNDS.

    (a) Rejection of ARRA Funds by State.--Section 1607 of division A 
of the American Recovery and Reinvestment Act of 2009 (Public Law 111-
5; 123 Stat. 303) is amended by adding at the end the following:
    ``(d) Statewide Rejection of Funds.--If funds provided to any State 
in any division of this Act are not accepted for use by the Governor of 
the State pursuant to subsection (a) or by the State legislature 
pursuant to subsection (b), then all such funds shall be--
            ``(1) rescinded; and
            ``(2) deposited in the General Fund of the Treasury, where 
        such amounts shall be--
                    ``(A) dedicated for the sole purpose of deficit 
                reduction; and
                    ``(B) prohibited from use as an offset for other 
                spending increases or revenue reductions.''.
    (b) Withdrawal or Recapture of Unobligated Funds.--Title XVI of 
division A of the American Recovery and Reinvestment Act of 2009 
(Public Law 111-5; 123 Stat. 302) is amended by adding at the end the 
following:

             ``withdrawal or recapture of unobligated funds

    ``Sec. 1613. Notwithstanding any other provision of this Act, if 
the head of any executive agency withdraws or recaptures for any reason 
funds appropriated or otherwise made available under this division, and 
such funds have not been obligated by a State to a local government or 
for a specific project, such recaptured funds shall be--
            ``(1) rescinded; and
            ``(2) deposited in the General Fund of the Treasury, where 
        such amounts shall be--
                    ``(A) dedicated for the sole purpose of deficit 
                reduction; and
                    ``(B) prohibited from use as an offset for other 
                spending increases or revenue reductions.''.
    (c) Return of Unobligated Funds by End of 2012.--Section 1603 of 
division A of the American Recovery and Reinvestment Act of 2009 
(Public Law 111-5; 123 Stat. 302) is amended--
            (1) by striking ``All funds'' and inserting ``(a) In 
        General.--All funds''; and
            (2) by adding at the end the following:
    ``(b) Repayment of Unobligated Funds.--Any discretionary 
appropriations made available in this division that have not been 
obligated as of December 31, 2012, are hereby rescinded, and such 
amounts shall be deposited in the General Fund of the Treasury, where 
such amounts shall be--
            ``(1) dedicated for the sole purpose of deficit reduction; 
        and
            ``(2) prohibited from use as an offset for other spending 
        increases or revenue reductions.
    ``(c) Presidential Waiver Authority.--
            ``(1) In general.--The President may waive the requirements 
        under subsection (b), if the President determines that it is 
        not in the best interest of the Nation to rescind a specific 
        unobligated amount after December 31, 2012.
            ``(2) Requests.--The head of an executive agency may also 
        apply to the President for a waiver from the requirements under 
        subsection (b).''.

SEC. 8. REDUCTION OF STATUTORY LIMIT ON THE PUBLIC DEBT.

    Section 3101 of title 31, United States Code, is amended--
            (1) in subsection (b), by inserting ``minus the aggregate 
        amounts described in subsection (d)'' before ``, outstanding at 
        one time''; and
            (2) by adding at the end the following:
    ``(d) Amounts described in this subsection are any amounts received 
by the Secretary of the Treasury pursuant to--
            ``(1) section 106(d) of the Emergency Economic 
        Stabilization Act of 2008 before, on, or after the date of 
        enactment of this subsection; and
            ``(2) section 304(g) of the Federal National Mortgage 
        Association Charter Act (12 U.S.C. 1719(g)), section 306(l) of 
        the Federal Home Loan Mortgage Corporation Act (12 U.S.C. 
        1455(l)), section 11(l) of the Federal Home Loan Bank Act (12 
        U.S.C. 1431(l)), section 1607(d) of division A of the American 
        Recovery and Reinvestment Act of 2009 (Public Law 111-5), 
        section 1613 of division A of the American Recovery and 
        Reinvestment Act of 2009 (Public Law 111-5), and sections 5(d) 
        and 7(c) of the Pay It Back Act after the date of enactment of 
        this subsection.''.

Output: Pay It Back Act - Amends the Emergency Economic Stabilization Act of 2008 (EESA) to revise the limitation on the authority of the Secretary of the Treasury to purchase troubled assets under the Troubled Asset Relief Program (TARP) to $700 billion outstanding at any one time. Changes the maximum authority to $700 billion, in the aggregate, or such higher amount, in the aggregate, as has been obligated or expended under TARP as of the enactment of this Act.

Requires the Secretary to report to Congress every six months on transfer to the Treasury's General Fund for reduction of the public debt of revenues of, and proceeds from the sale of troubled assets purchased under TARP, or from the sale, exercise, or surrender of warrants or senior debt instruments acquired under TARP.

Amends the Federal National Mortgage Association Charter Act, the Federal Home Loan Mortgage Corporation Act, and the Federal Home Loan Bank Act to require the Secretary to deposit in the Treasury solely for debt reduction any amounts received by the Secretary for the sale of any obligation or security acquired from the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac), or a Federal Home Loan Bank for secondary market operations. Prohibits the use of any such amounts as an offset for other spending increases or revenue reductions.

Requires deposit in the Treasury solely for debt reduction of any periodic commitment fee or any other fee or assessment paid to the Secretary by Fannie Mae or Freddie Mac as a result of any preferred stock purchase agreement, mortgage-backed security purchase program, or any other program or activity under the Housing and Economic Recovery Act of 2008.

Requires the Director of the Federal Housing Finance Agency (FHFA) to report to Congress on FHFA plans to continue to support and maintain the nation's vital housing industry, while at the same time guaranteeing that the American taxpayer will not suffer unnecessary losses.

Amends the American Recovery and Reinvestment Act of 2009 (ARRA) to require: (1) rescission of any ARRA (stimulus) funds offered to but not accepted by the governor or legislature of a state; and (2) their deposit in the Treasury solely for debt reduction. Requires the same treatment for any funds withdrawn or recaptured by an executive agency head which have not been obligated by a state to a local government or for a specific project.

Rescinds for deposit in the Treasury solely for debt reduction specified discretionary appropriations that have not been obligated as of December 31, 2012.

Lowers the statutory limit on the public debt by the amounts the Secretary receives under this Act for deposit in the Treasury solely for debt reduction.


Input: Consider Input: SECTION 1. SHORT TITLE.
    This Act may be cited as the ``Fiscal Year 2010 Federal Aviation 
Administration Extension Act''.
SEC. 2. EXTENSION OF TAXES FUNDING AIRPORT AND AIRWAY TRUST FUND.
    (a) Fuel Taxes.--Subparagraph (B) of section 4081(d)(2) of the 
Internal Revenue Code of 1986 is amended by striking ``September 30, 
2009'' and inserting ``December 31, 2009''.
    (b) Ticket Taxes.--
        (1) Persons.--Clause (ii) of section 4261(j)(1)(A) of the 
    Internal Revenue Code of 1986 is amended by striking ``September 
    30, 2009'' and inserting ``December 31, 2009''.
        (2) Property.--Clause (ii) of section 4271(d)(1)(A) of such 
    Code is amended by striking ``September 30, 2009'' and inserting 
    ``December 31, 2009''.
    (c) Effective Date.--The amendments made by this section shall take 
effect on October 1, 2009.
SEC. 3. EXTENSION OF AIRPORT AND AIRWAY TRUST FUND EXPENDITURE 
AUTHORITY.
    (a) In General.--Paragraph (1) of section 9502(d) of the Internal 
Revenue Code of 1986 is amended--
        (1) by striking ``October 1, 2009'' and inserting ``January 1, 
    2010''; and
        (2) by inserting ``or the Fiscal Year 2010 Federal Aviation 
    Administration Extension Act'' before the semicolon at the end of 
    subparagraph (A).
    (b) Conforming Amendment.--Paragraph (2) of section 9502(e) of such 
Code is amended by striking ``October 1, 2009'' and inserting ``January 
1, 2010''.
    (c) Effective Date.--The amendments made by this section shall take 
effect on October 1, 2009.
SEC. 4. EXTENSION OF AIRPORT IMPROVEMENT PROGRAM.
    (a) Authorization of Appropriations.--
        (1) In general.--Section 48103 of title 49, United States Code, 
    is amended--
            (A) by striking ``and'' at the end of paragraph (5);
            (B) by striking the period at the end of paragraph (6) and 
        inserting ``; and''; and
            (C) by adding at the end the following:
        ``(7) $1,000,000,000 for the 3-month period beginning on 
    October 1, 2009.''.
        (2) Obligation of amounts.--Sums made available pursuant to the 
    amendment made by paragraph (1) may be obligated at any time 
    through September 30, 2010, and shall remain available until 
    expended.
    (b) Project Grant Authority.--Section 47104(c) of such title is 
amended by striking ``September 30, 2009,'' and inserting ``December 
31, 2009,''.
SEC. 5. EXTENSION OF EXPIRING AUTHORITIES.
    (a) Section 40117(l)(7) of title 49, United States Code, is amended 
by striking ``October 1, 2009.'' and inserting ``January 1, 2010.''.
    (b) Section 41743(e)(2) of such title is amended by striking 
``2009'' and inserting ``2010''.
    (c) Section 44302(f)(1) of such title is amended--
        (1) by striking ``September 30, 2009,'' and inserting 
    ``December 31, 2009,''; and
        (2) by striking ``December 31, 2009,'' and inserting ``March 
    31, 2010,''.
    (d) Section 44303(b) of such title is amended by striking 
``December 31, 2009,'' and inserting ``March 31, 2010,''.
    (e) Section 47107(s)(3) of such title is amended by striking 
``October 1, 2009.'' and inserting ``January 1, 2010.''.
    (f) Section 47115(j) of such title is amended by inserting ``and 
for the portion of fiscal year 2010 ending before January 1, 2010,'' 
after ``2009,''.
    (g) Section 47141(f) of such title is amended by striking 
``September 30, 2009.'' and inserting ``December 31, 2009.''.
    (h) Section 49108 of such title is amended by striking ``September 
30, 2009,'' and inserting ``December 31, 2009,''.
    (i) Section 161 of the Vision 100--Century of Aviation 
Reauthorization Act (49 U.S.C. 47109 note) is amended by inserting ``, 
or in the portion of fiscal year 2010 ending before January 1, 2010,'' 
after ``fiscal year 2009''.
    (j) Section 186(d) of such Act (117 Stat. 2518) is amended by 
inserting ``and for the portion of fiscal year 2010 ending before 
January 1, 2010,'' after ``2009,''.
    (k) Section 409(d) of such Act (49 U.S.C. 41731 note) is amended by 
striking ``September 30, 2009.'' and inserting ``September 30, 2010.''.
    (l) The amendments made by this section shall take effect on 
October 1, 2009.
SEC. 6. FEDERAL AVIATION ADMINISTRATION OPERATIONS.
    Section 106(k)(1) of title 49, United States Code, is amended--
        (1) by striking ``and'' at the end of subparagraph (D);
        (2) by striking the period at the end of subparagraph (E) and 
    inserting ``; and''; and
        (3) by adding at the end the following:
            ``(F) $2,338,287,375 for the 3-month period beginning on 
        October 1, 2009.''.
SEC. 7. AIR NAVIGATION FACILITIES AND EQUIPMENT.
    Section 48101(a) of title 49, United States Code, is amended--
        (1) by striking ``and'' at the end of paragraph (4);
        (2) by striking the period at the end of paragraph (5) and 
    inserting ``; and''; and
        (3) by adding at the end the following:
        ``(6) $733,444,250 for the 3-month period beginning on October 
    1, 2009.''.
SEC. 8. RESEARCH, ENGINEERING, AND DEVELOPMENT.
    Section 48102(a) of title 49, United States Code, is amended--
        (1) by striking ``and'' at the end of paragraph (12);
        (2) by striking the period at the end of paragraph (13) and 
    inserting ``; and''; and
        (3) by adding at the end the following:
        ``(14) $46,250,000 for the 3-month period beginning on October 
    1, 2009.''.

                               Speaker of the House of Representatives.

                            Vice President of the United States and    
                                               President of the Senate.

Output: Fiscal Year 2010 Federal Aviation Administration Extension Act - Amends the Internal Revenue Code to extend through December 31, 2009: (1) excise taxes on aviation fuels and air transportation of persons and property; and (2) the expenditure authority for the Airport and Airway Trust Fund.

Authorizes appropriations through the three-month period beginning on October 1, 2009, for airport improvement program (AIP) projects, including project grant authority.

Extends through December 31, 2009, various airport development projects, including: (1) the pilot program for passenger facility fees at nonhub airports; (2) small airport grants for airports located in the Marshall Islands, Micronesia, and Palau; (3) state and local airport land use compatibility projects; (4) the authority of the Metropolitan Washington Airports Authority to apply for an airport development grant and impose a passenger facility fee; (5) the temporary increase to 95% in the government share of certain AIP project costs; and (6) Midway Island airport development.

Extends through FY2010 the authorization of appropriations for agreements the Secretary of Transportation makes for assistance under the small community air service development program.

Extends through December 31, 2009, Department of Transportation (DOT) insurance coverage for domestic and foreign-flag air carriers. Allows further extension through March 31, 2010.

Extends through March 31, 2010, air carrier liability limits for injuries to passengers resulting from acts of terrorism.

Extends through December 31, 2009, certain competitive access assurance requirements for large or medium hub airport sponsors applying for AIP grants.

Extends through FY2010 the termination date of any order issued by the Secretary with respect to the eligibility of certain places for essential air service compensation.

Extends through the three-month period beginning on October 1, 2009, the authorization of appropriations for: (1) Federal Aviation Administration (FAA) operations; (2) air navigation facilities and equipment; and (3) research, engineering, and development.


Input: Consider Input: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Open Space Preservation Act of 
1993''.

SEC. 2. TREATMENT OF LAND SUBJECT TO A QUALIFIED CONSERVATION EASEMENT.

    (a) Gross Estate Tax With Respect to Land Subject to a Qualified 
Conservation Easement.--Section 2031 of the Internal Revenue Code of 
1986 (relating to the definition of gross estate) is amended by 
redesignating subsection (c) as subsection (d) and by inserting after 
subsection (b) the following new subsection:
    ``(c) Estate Tax With Respect to Land Subject to a Qualified 
Conservation Easement.--
            ``(1) In general.--Except as otherwise provided in this 
        subsection, there shall be excluded from the gross estate the 
        value of land subject to a qualified conservation easement 
        (less the amount of any indebtedness secured by such land). 
        There shall be included in the gross estate the value of each 
        development right retained by the donor in the conveyance of 
        such qualified conservation easement. For purposes of this 
        subsection, the term `land subject to a qualified conservation 
        easement' shall mean land, which was owned by the decedent or a 
        member of the decedent's family during the 3-year period ending 
        on the date of the decedent's death, and with respect to which 
        a qualified conservation contribution of a qualified real 
        property interest (as defined in section 170(h)) has been made 
        by the decedent, the decedent's spouse or the decedent's 
        parent, a lineal ancestor of the decedent, or a lineal 
        descendant of the decedent, the decedent's spouse or the 
        decedent's parent, or a spouse of such lineal descendant. For 
        purposes of this subsection, the term `qualified real property 
        interest' shall not include a certified historic structure (as 
        defined in section 170(h)(4)(A)(iv)). For purposes of this 
        subsection, the term `member of the decedent's family' shall 
        have the same meaning as the term `member of the family' in 
        section 2032A.
            ``(2) Payment of tax upon certain disposition of land 
        subject to retained development right.--The tax attributable to 
        the amount included in the gross estate relating to development 
        rights retained by the donor in the conveyance of a qualified 
        conservation easement shall be due upon the disposition (other 
        than by gift or bequest) of such property.''
    (b) Carryover Basis.--Section 1014(a) of the Internal Revenue Code 
of 1986 (relating to basis of property acquired from a decedent) is 
amended by striking the period at the end of paragraph (3), inserting 
``or,'' at the end thereof, and inserting the following new paragraph:
            ``(4) in the case of the applicability of section 2031(c), 
        the basis in the hands of the decedent.''
    (c) Effective Date.--The amendments made by this section shall 
apply to land on which qualified conservation easements were granted 
after December 31, 1992.

SEC. 3. GIFT TAX ON LAND SUBJECT TO A QUALIFIED CONSERVATION EASEMENT.

    (a) Gift Tax With Respect to Land Subject to a Qualified 
Conservation Easement.--Section 2503 of the Internal Revenue Code of 
1986 (relating to taxable gifts) is amended by adding at the end 
thereof the following new subsection:
    ``(h) Gift Tax With Respect to Land Subject to a Qualified 
Conservation Easement.--The transfer by gift of land subject to a 
qualified conservation easement (other than development rights retained 
by the donor of such easement) shall not be treated as a transfer of 
property by gift for purposes of this chapter. For purposes of this 
subsection, the term `land subject to a qualified conservation 
easement' and `qualified real property interest' shall have the same 
meaning as in section 2031(c) and the term `member of the decedent's 
family' shall have the same meaning as the term `member of the family' 
in section 2032A.''
    (b) Effective Date.--The amendments made by this section shall 
apply to land on which qualified conservation easements were granted 
after December 31, 1992.

SEC. 4. TEMPORARY DEFERRAL OF SCHEDULED REDUCTION IN CERTAIN ESTATE TAX 
              RATES.

    (a) In General.--Paragraph (2) of section 2001(c) of the Internal 
Revenue Code of 1986 (relating to phase-in of 50 percent maximum rate) 
is amended by adding at the end thereof the following new subparagraph:
                    ``(E) After 1992 and before 1998.--In the case of 
                decedents dying, and gifts made after 1992 and before 
                1998, the substitution under this paragraph shall be as 
                follows:

``If the amount with respect
    to which the tentative tax
    to be computed is:              The tentative tax is:
    Over $2,500,000................
                                        $1,025,800, plus 53 percent of 
                                                the
                                          excess over $2,500,000.''
    (b) Technical Amendment.--Subparagraph (A) of section 2001(c)(2) of 
such Code is amended by striking ``1993'' and inserting ``1998''.
    (c) Effective Date.--The amendments made by this section shall 
apply in the case of decedents dying, and gifts made, after December 
31, 1992.

SEC. 5. EXCLUSION OF GAIN FROM SALE OF CERTAIN FARMLAND.

    (a) General Rule.--Part III of subchapter B of chapter 1 of the 
Internal Revenue Code of 1986 (relating to items specifically excluded 
from gross income) is amended by redesignating section 137 as section 
138 and by inserting after section 136 the following new section:

``SEC. 137. SALES AND EXCHANGES OF FARMLAND THE USE OF WHICH IS 
              RESTRICTED TO FARMING.

    ``(a) General Rule.--In the case of an operator of farmland, gross 
income does not include gain from the sale or exchange of eligible 
farmland if there is in effect on the date of such sale or exchange a 
qualified covenant which does not permit any use of such farmland for 
any purpose other than use as farmland.
    ``(b) Definitions.--For purposes of this section--
            ``(1) Eligible farmland.--
                    ``(A) In general.--The term `eligible farmland' 
                means any farmland with respect to which the land use 
                restrictions imposed by the State, and the land use 
                restrictions imposed by any political subdivision of 
                such State, in which such farmland is located provide 
                that such farmland may be used only as farmland.
                    ``(B) Farmland to which no land use restriction 
                applies treated as eligible farmland.--In the case of 
                any farmland with respect to which no land use 
                restriction imposed by a State or political subdivision 
                applies, such farmland shall be treated as eligible 
                farmland.
                    ``(C) Date for determining whether farmland is 
                eligible farmland.--The determination of whether 
                farmland is eligible farmland shall be made on the date 
                the qualified covenant with respect to such farmland is 
                entered into.
            ``(2) Farmland.--The term `farmland' means any real 
        property--
                    ``(A) which is located in the United States, and
                    ``(B) which is used as a farm for farming purposes 
                (within the meaning of section 2032A(e)).
            ``(3) Qualified covenant--The term `qualified covenant' 
        means a covenant--
                    ``(A) which may not be revoked,
                    ``(B) which, with respect to farmland to which such 
                covenant applies, is entered into by all persons having 
                any ownership interest in such farmland, and
                    ``(C) which binds all future owners of the farmland 
                to which such covenant applies.
    ``(c) Application With Principal Residences.--For purposes of this 
section, use as farmland includes use as the principal residence of the 
operator of such farmland.
    ``(d) Verification of Covenant.--Subsection (a) shall not apply by 
reason of any covenant unless such person--
            ``(1) notifies (in such form and manner as the Secretary 
        may by regulations prescribe) both the Secretary and the 
        Secretary of Agriculture of the political subdivision of the 
        State in which such covenant is recorded, and
            ``(2) submits to the Secretary a copy of such covenant.''
    (b) Clerical Amendment.--The table of sections for such part is 
amended by striking out the item relating to section 137 and inserting 
in lieu thereof the following:

                              ``Sec. 137. Sales and exchanges of 
                                        farmland the use of which is 
                                        restricted to farming.
                              ``Sec. 138. Cross references to other 
                                        Acts.''
    (c) Effective Date.--The amendments made by this section shall 
apply to covenants first recorded after the date of the enactment of 
this Act, in taxable years ending after such date.


Output: Open Space Preservation Act of 1993 - Amends the Internal Revenue Code to exclude from the gross estate the value of land subject to a qualified conservation easement for estate tax purposes.  Includes in the gross estate the value of each development right retained by the donor in the conveyance of such easement. 
Excludes from the gift tax the transfer by gift of land subject to a qualified conservation easement. 
Defers the reduction in estate tax rates from 1993 until 1998. 
Excludes from gross income any gain from the sale or exchange of eligible farmland that is subject to an irrevocable covenant binding all future owners to use the land as farmland.