Amends the Internal Revenue Code to modify requirements for the tax deduction for charitable contributions of easements on buildings in registered historic districts to require such easements to preserve the entire exterior of the building and to prohibit any change in the exterior of the buildings which is inconsistent with the historic character of such exterior. Imposes additional reporting, appraisal, and filing fee requirements.
Revises criteria for determining substantial and gross overstatements of valuations of charitable deduction property. Eliminates the reasonable cause exception for waiving penalties for such overstatements.