Bill Would Make Qualified Conservation Easements Permanent

Bill Would Make Qualified Conservation Easements Permanent

News story posted in Legislative on 13 March 2013| comments
audience: National Publication | last updated: 5 May 2013
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Summary

Senate Finance Committee Chair Max Baucus [D-MT] has introduced the Rural Heritage Conservation Extension Act of 2013. If enacted, the bill would make permanent the special rule for contributions of "qualified conservation easements" and remove easements on golf courses from its definition.

Full Text:

 
113TH CONGRESS
1ST SESSION

S. ___

To amend the Internal Revenue Code of 1986 to make permanent the
special rule for contributions of qualified conservation
contributions, and for other purposes.

IN THE SENATE OF THE UNITED STATES

Mr. BAUCUS (for himself and Mr. HATCH) introduced the following bill;
which was read twice and referred to the Committee on ______

A BILL

To amend the Internal Revenue Code of 1986 to make permanent the special rule for contributions of qualified conservation contributions, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the "Rural Heritage Conservation Extension Act of 2013".

SEC. 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, as amended by the American Taxpayer Relief Act of 2012, is amended by striking clause (vi).

(2) CORPORATIONS. -- Subparagraph (B) of section 170(b)(2) of such Code, as amended by the American Taxpayer Relief Act of 2012, is amended by striking clause (iii).

(b) EFFECTIVE DATE. -- The amendments made by this section shall apply to contributions made in taxable years beginning after December 31, 2013.

SEC. 3. ELIMINATION OF CHARITABLE DEDUCTION FOR EASEMENTS ON GOLF COURSES.

(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) EXCEPTION FOR EASEMENTS FOR GOLF COURSES. -- For purposes of this section, the term 'qualified conservation contribution' shall not include any contribution of an easement for use on, or intended for use on, a golf course.".

(b) EFFECTIVE DATE. -- The amendment made by this section shall apply to contributions made after the date of the enactment of this Act.

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