(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)
Habitat and Land Conservation Act of 2007 - Amends the Internal Revenue Code to provide tax incentives for habitat conservation and restoration.
Makes permanent the special rule allowing an enhanced tax deduction for individual and corporate charitable contributions of capital gain real property for conservation purposes.
Allows certain landowners whose property contains the habitat of an endangered or threatened species and who enter into a habitat protection agreement a tax credit for costs and property losses relating to habitat protection easements and restoration. Places limits on the amount of such credit for each of calendar years 2008 through 2012. Directs the Comptroller General of the United States to study and report to Congress on the effectiveness of such credit.
Allows a tax deduction for expenditures related to endangered species recovery plans approved under the Endangered Species Act of 1973.
Excludes from gross income certain payments under: (1) the Partners for Fish and Wildlife Program authorized by the Partners for Fish and Wildlife Act; and (2) the Landowner Incentive Program, the State Wildlife Grants Program, and the Private Stewardship Grants Program authorized by the Fish and Wildlife Act of 1956.
Extends through 2010 the taxpayer election to expense (deduct in the current taxable year) expenditures made for environmental remediation (i.e., abatement or control of hazardous substances at contaminated sites).
Allows tax-free exchanges of shares in certain mutual ditch, reservoir, or irrigation companies.
Amends the American Jobs Creation Act of 2004 to change the effective dates applicable to leases of tax-exempt use property to foreign entities.