Bill > S170

This bill aims to amend the Internal Revenue Code to limit the amount of qualified conservation contributions that partners can deduct from their annual tax returns. Specifically, it caps the aggregate amount of such deductions for a partner to 2.5 times the partner's adjusted basis in the partnership, for the first three taxable years after the partner joins the partnership. This limitation does not apply to family partnerships where substantially all of the partnership interests are held by related individuals. The bill also grants the Secretary of the Treasury the authority to issue regulations to carry out and prevent the avoidance of this new provision.