To amend the Internal Revenue Code of 1986 to encourage charitable contributions of real property for conservation purposes.

Fact Sheet API

Bill Number

HR 5056

Introduced

Mar 30, 2006

Latest Action

Referred to the House Committee on Ways and Means.

Sponsor

Cosponsors

Topics

Agricultural conservation Agriculture and Food Capital gains tax Charitable contributions Commerce Corporation taxes Environmental Protection Farmers Income tax Nature conservation Public Lands and Natural Resources Real property Tax deductions Taxation

Full Text

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Votes

Summary

Amends the Internal Revenue Code to allow: (1) taxpayers making charitable contributions of real property for conservation purposes (qualified conservation contributions) to deduct up to 50% (currently, 30%) of their income for such contributions (100% for certain farmers or ranchers); and (2) a 15-year carryover of excess tax deduction amounts for such contributions.

Actions

Mar 30, 2006

Referred to the House Committee on Ways and Means.
Mar 30, 2006

Introduced in House

Amendments

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