TaxNewsFlash-Exempt Organizations

September 19, 2007
No. 2007-112
    
 

Senate Finance Committee to Consider Conservation Tax-Incentives Bill

The Senate Finance Committee has scheduled a markup of the Habitat and Land Conservation Act of 2007, for Thursday, September 20, 2007. Among the measures included in the Chairman’s mark are provisions that would:

  • Make permanent the enhanced deductions for contributions of capital gain real property for conservation purposes (the temporary provision is scheduled to expire for tax years after 2007)

  • Provide a tax credit for recovery and restoration of endangered species

  • Allow a deduction for endangered species recovery expenditures by farmers

  • Provide an exclusion for certain payments and programs relating to fish and wildlife conservation

  • Extend expensing of “brownfield” (i.e., qualified contaminated site) remediation costs

  • Allow like-kind exchange treatment under section 1031 for exchanges involving certain mutual ditch, reservoir, or irrigation company stock

The Joint Committee on Taxation has prepared a description of these items in the Chairman’s mark (18 pages) which is available on the JCT Web site: http://www.house.gov/jct/x-75-07.pdf
 

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