[Congressional Bills 104th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4201 Introduced in House (IH)]







                                    


104th CONGRESS
  2d Session
                                H. R. 4201

   To amend the Internal Revenue Code of 1986 to encourage qualified 
  conservation contributions by individuals of capital gain property.


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                    IN THE HOUSE OF REPRESENTATIVES

                           September 26, 1996

 Mrs. Johnson of Connecticut introduced the following bill; which was 
              referred to the Committee on Ways and Means

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                                 A BILL


 
   To amend the Internal Revenue Code of 1986 to encourage qualified 
  conservation contributions by individuals of capital gain property.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. MODIFICATIONS TO ENCOURAGE QUALIFIED CONSERVATION 
              CONTRIBUTIONS OF CAPITAL GAIN PROPERTY.

    (a) Qualified Conservation Contributions Not Subject to Special 
Limitation on Contributions of Capital Gain Property.--Subparagraph (C) 
of section 170(b)(1) of the Internal Revenue Code of 1986 (relating to 
special limitation with respect to contributions described in 
subparagraph (A) of capital gain property) is amended by redesignating 
clause (iv) as clause (v) and by inserting after clause (iii) the 
following new clause:
                            ``(iv) Clauses (i) and (ii) shall not apply 
                        to any qualified conservation contribution (as 
                        defined in subsection (h)) described in 
                        subparagraph (A) of capital gain property.''
    (b) Unlimited Carryover of Qualified Conservation Contributions of 
Capital Gain Property.--Paragraph (1) of section 170(d) of such Code is 
amended by adding at the end the following new subparagraph:
                    ``(C) Unlimited carryover of qualified conservation 
                contributions of capital gain property.--The 5 taxable 
                year limitation in subparagraph (A) shall not apply to 
                any qualified conservation contribution (as defined in 
                subsection (h)) described in subsection (b)(1)(A) of 
                capital gain property (as defined in subsection 
                (b)(1)(C)(v)). For purposes of this paragraph, the 
                excess described in the material preceding clause (i) 
                of subparagraph (A) shall be treated as attributable to 
                contributions described in the preceding sentence of 
                the subparagraph to the extent of such contributions.''
    (c) Effective Date.--The amendment made by this section shall apply 
to taxable years beginning after the date of the enactment of this Act.
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