| Home > 105th Congressional Bills > H.R. 2965 (ih) To reduce the amount of the annual contribution of the United States to the North Atlantic Treaty Organization Security Investment program. ...
H.R. 2965 (ih) To reduce the amount of the annual contribution of the United States to the North Atlantic Treaty Organization Security Investment program. ...
108th CONGRESS 1st Session H. R. 2964 To amend the Internal Revenue Code of 1986 to provide a tax incentive for land sales for conservation purposes. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES July 25, 2003 Mr. Portman (for himself and Mr. Matsui) 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 provide a tax incentive for land sales 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 ``Conservation Tax Incentives Act of 2003''. SEC. 2. EXCLUSION OF 50 PERCENT OF GAIN ON SALES OF LAND OR INTERESTS IN LAND OR WATER TO ELIGIBLE ENTITIES FOR CONSERVATION PURPOSES. (a) In General.--Part III of subchapter B of chapter 1 of the Internal Revenue Code of 1986 (relating to items specifically excluded from gross income) is amended by inserting after section 121 the following new section: ``SEC. 121A. 50-PERCENT EXCLUSION OF GAIN ON SALES OF LAND OR INTERESTS IN LAND OR WATER TO ELIGIBLE ENTITIES FOR CONSERVATION PURPOSES. ``(a) Exclusion.--Gross income shall not include 50 percent of any gain from the sale of land or an interest in land or water (determined without regard to any improvements) to an eligible entity if-- ``(1) such land or interest in land or water was owned by the taxpayer or a member of the taxpayer's family (as defined in section 2032A(e)(2)) at all times during the 3-year period ending on the date of the sale, and ``(2) such land or interest in land or water is being acquired by an eligible entity which provides the taxpayer, at the time of acquisition, a written letter of intent which shall include the following statement: `The purchaser's intent is that this acquisition will serve 1 or more of the conservation purposes specified in clause (i), (ii), or (iii) of section 170(h)(4)(A). ``(b) Eligible Entity.--For purposes of this section, the term `eligible entity' means an entity described in section 170(h)(3) or an agency or department thereof and which is organized and at all times operated principally for 1 or more of the conservation purposes specified in clause (i), (ii), or (iii) of section 170(h)(4)(A). ``(c) Stock in Holding Corporations.--For purposes of this section, the term `land or an interest in land or water' shall include a controlling stock interest in any corporation if the fair market value of the corporation's land or interests in land or water equals or exceeds 90 percent of the fair market value of all of such corporation's assets at all times during the 3-year period ending on the date of the sale. For purposes of the preceding sentence, the term `control' means ownership of stock in a corporation which meets the requirements of section 1504(a)(2) (determined by substituting `50 percent' for `80 percent' each place it appears).''. (b) Clerical Amendment.--The table of sections for part III of subchapter B of chapter 1 of such Code is amended by inserting after the item relating to section 121 the following new item: ``Sec. 121A. 50-percent exclusion of gain on sales of land or interests in land or water to eligible entities for conservation purposes.''. (c) Effective Date.--The amendments made by this section shall apply to sales occurring on or after the date of enactment of this Act. <all>
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