summary
Introduced
02/15/2018
02/15/2018
In Committee
02/15/2018
02/15/2018
Crossed Over
Passed
Dead
12/31/2018
12/31/2018
Introduced Session
115th Congress
Bill Summary
Charitable Conservation Easement Program Integrity Act of 2018 This bill amends the Internal Revenue Code to limit 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 five years after the individual becomes a partner in the partnership. It does not apply to certain family partnerships.
AI Summary
This bill amends the Internal Revenue Code to limit the aggregate amount of a partner's annual tax deductions for qualified conservation contributions of a partnership. Specifically, it limits the deduction to 2.5 times the partner's adjusted basis in the partnership, but this limitation only applies for the first five years after the partner becomes a partner. The bill provides an exception for family partnerships where substantially all the interests are held by related individuals. The bill also authorizes the Secretary of the Treasury to issue regulations to carry out and prevent the avoidance of this new limitation. The bill applies to contributions made after December 23, 2016, but does not affect the treatment of contributions made on or before that date or any other activity not described in the new provision.
Committee Categories
Budget and Finance
Sponsors (4)
Last Action
Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S1166) (on 02/15/2018)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/115th-congress/senate-bill/2436/all-info |
| BillText | https://www.congress.gov/115/bills/s2436/BILLS-115s2436is.pdf |
| Bill | https://www.congress.gov/115/bills/s2436/BILLS-115s2436is.pdf.pdf |
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