SEC. 121A. 25-PERCENT EXCLUSION OF GAIN ON SALES OR EXCHANGES OF LAND OR WATER INTERESTS TO ELIGIBLE ENTITIES FOR CONSERVATION PURPOSES.
a) EXCLUSION- Gross income shall not include 25 percent of the qualifying gain from a conservation sale of a long-held qualifying land or water interest.
CONSERVATION SALE- For purposes of this section, the term `conservation sale' means a sale or exchange which meets the following requirements:
`(1) TRANSFEREE IS AN ELIGIBLE ENTITY- The transferee of the long-held qualifying land or water interest is an eligible entity.
`(1) ELIGIBLE ENTITY- The term `eligible entity' means--
`(A) a governmental unit referred to in section 170(c)(1), or an agency or department thereof operated primarily for 1 or more of the conservation purposes specified in clause (i), (ii), or (iii) of section 170(h)(4)(A), or
`(B) an entity which is--
`(i) described in section 170(b)(1)(A)(vi) or section 170(h)(3)(B), and
`(ii) organized and at all times operated primarily for 1 or more of the conservation purposes specified in clause (i), (ii), or (iii) of section 170(h)(4)(A).
Amendments:
S.AMDT.526 to S.476 To provide a manager's amendment. Sponsor: Sen Grassley, Charles E. [IA] (introduced 4/8/2003) Cosponsors: 1 Latest Major Action: 4/8/2003 Senate amendment agreed to. Status: Amendment SA 526 agreed to in Senate by Unanimous Consent.
S.AMDT.527 to S.476 To exclude 25 percent of gain on sales or exchanges of land or water interests to any nonprofit entity for any charitable purpose. Sponsor: Sen Nickles, Don [OK] (introduced 4/9/2003) Cosponsors: (none) Latest Major Action: 4/9/2003 Motion to table amendment SA 527 agreed to in Senate by Yea-Nay Vote. 62 - 38. Record Vote Number: 127.
Latest Major Action: 4/9/2003 Passed/agreed to in Senate. Status: Passed Senate with an amendment by Yea-Nay Vote. 95 - 5. Record Vote Number: 128. b
Title: To amend the Internal Revenue Code of 1986 to provide incentives for charitable contributions by individuals and businesses, and for other purposes.
Sponsor: Rep Blunt, Roy [MO-7] (introduced 5/7/2003) Cosponsors: 84
Latest Major Action: 6/20/2003 Referred to House subcommittee. Status: Referred to the Subcommittee on Select Education.