108th CONGRESS
1st Session
H. R. 1607
To amend the Internal Revenue Code of 1986 to allow a credit for
contributions of real property interests for conservation purposes.
IN THE HOUSE OF REPRESENTATIVES
April 3, 2003
Mr. GOODE 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 allow a credit for
contributions of real property interests for conservation 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 `Tax Credits for Conservation Act of 2003'.
SEC. 2. CREDIT FOR CONSERVATION CONTRIBUTIONS OF REAL PROPERTY INTERESTS
IN PERPETUITY.
(a) IN GENERAL- Subpart B of part IV of subchapter A of chapter 1 of the Internal
Revenue Code of 1986 is amended by adding at the end the following new section:
`SEC. 30B. CREDIT FOR CONSERVATION CONTRIBUTIONS OF REAL PROPERTY INTERESTS
IN PERPETUITY.
`(a) IN GENERAL- There shall be allowed as a credit against the tax imposed
by this chapter for the taxable year an amount equal to 50 percent of the
aggregate qualified conservation contributions in such taxable year of qualified
real property interests located in the United States or any of its possessions
for a conservation purpose specified in clause (i), (ii), or (iii) of section
170(h)(4)(A).
`(b) LIMITATION- The amount allowed as a credit under subsection (a) for a
taxable year shall not exceed $100,000 ($50,000 for taxable years beginning
in 2003 and $75,000 for taxable years beginning in 2004).
`(c) DEFINITIONS- For purposes of this section, the terms `qualified conservation
contribution' and `qualified real property interest' have the meanings given
such terms by section 170(h).
`(d) SPECIAL RULES- For purposes of this section--
`(1) CARRYOVER OF UNUSED CREDIT- If the credit allowable under subsection
(a) for a taxable year exceeds the limitation imposed by subsection (b)
for such taxable year, such excess shall be carried over to the succeeding
taxable year and added to the credit allowable under subsection (a) for
such taxable year. No credit may be carried forward under this subsection
to any taxable year following the fifth taxable year after the taxable year
in which the credit arose. For purposes of the preceding sentence, credits
shall be treated as used on a first-in first-out basis.
`(A) IN GENERAL- The taxpayer and all persons related to the taxpayer
shall be treated as one person.
`(B) RELATED PERSON- For purposes of subparagraph (A), a person is a related
person to another person if--
`(i) the relationship between such persons would result in a disallowance
of losses under section 267 or 707(b), or
`(ii) such persons are members of the same controlled group of corporations
(as defined in section 1563(a), except that `more than 50 percent' shall
be substituted for `at least 80 percent' each place it appears therein).
`(3) DENIAL OF DOUBLE BENEFIT- In the case of the amount of the credit determined
under this section, no deduction shall be allowed for such amount under
any other provision of this title.'.
(b) CONFORMING AMENDMENT- The table of sections for subpart B of part IV of
subchapter A of chapter 1 of such Code is amended by adding at the end the
following new item:
`Sec. 30B. Credit for conservation contributions of real property interests
in perpetuity.'.
(c) EFFECTIVE DATE- The amendments made by this section shall apply to contributions
after December 31, 2002.
END
