summary
Introduced
09/29/2020
09/29/2020
In Committee
09/29/2020
09/29/2020
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
116th Congress
Bill Summary
A bill to amend the Internal Revenue Code of 1986 to limit the charitable deduction for certain qualified conservation contributions. This bill limits the aggregate amount of a partner's annual tax deductions for qualified conservation contributions of a partnership to 2.5 times the partner's adjusted basis in the partnership. (Under current law, a qualified conservation contribution is the contribution of a qualified real property interest to a qualified organization exclusively for conservation purposes.) The limitation applies for the first three taxable years after the individual becomes a partner in the partnership. It does not apply to certain family partnerships.
AI Summary
This bill, the Charitable Conservation Easement Program Integrity Act of 2020, aims to limit the charitable deduction for certain qualified conservation contributions made by partnerships. The bill proposes to limit the aggregate amount of a partner's annual tax deductions for such contributions to 2.5 times the partner's adjusted basis in the partnership, applicable for the first three taxable years after the individual becomes a partner. This limitation does not apply to certain family partnerships. The bill also includes provisions to prevent avoidance of this rule through multi-tiered pass-through entities.
Committee Categories
Budget and Finance
Sponsors (3)
Last Action
Read twice and referred to the Committee on Finance. (on 09/29/2020)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | https://www.congress.gov/bill/116th-congress/senate-bill/4751/all-info | 09/30/2020 |
| BillText | https://www.congress.gov/116/bills/s4751/BILLS-116s4751is.pdf | 10/27/2020 |
| Bill | https://www.congress.gov/116/bills/s4751/BILLS-116s4751is.pdf.pdf | 10/27/2020 |
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