[Congressional Bills 105th Congress]
[From the U.S. Government Publishing Office]
[H.R. 637 Introduced in House (IH)]







105th CONGRESS
  1st Session
                                H. R. 637

 To amend the Internal Revenue Code of 1986 to allow a credit against 
the estate tax for certain transfers of real property for conservation 
                               purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            February 6, 1997

Mr. Frelinghuysen introduced the following bill; which was referred to 
                    the Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
 To amend the Internal Revenue Code of 1986 to allow a credit against 
the estate tax for certain transfers of real property for conservation 
                               purposes.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Federal Open Space Acquisition and 
Preservation Act of 1997''.

SEC. 2. ESTATE TAX CREDIT FOR CERTAIN TRANSFERS OF REAL PROPERTY FOR 
              CONSERVATION PURPOSES.

    (a) General Rule.--Part II of subchapter A of chapter 11 of the 
Internal Revenue Code of 1986 (relating to credits against tax) is 
amended by adding at the end thereof the following new section:

``SEC. 2017. CREDIT FOR CERTAIN TRANSFERS OF REAL PROPERTY FOR 
              CONSERVATION PURPOSES.

    ``(a) General Rule.--If the executor makes a qualified conservation 
transfer of any real property (or interest therein), there shall be 
allowed as a credit against the tax imposed by section 2001 with 
respect to the estate of the decedent an amount equal to the value (as 
determined under this chapter with respect to the estate of the 
decedent) of such property (or interest therein).
    ``(b) Limitation.--The amount allowed as a credit under subsection 
(a) shall not exceed the amount of the tax imposed by section 2001 with 
respect to the estate of the decedent, reduced by the amount equal to 
the value (as determined under this chapter with respect to the estate 
of the decedent) of such property (or interest therein).
    ``(c) Qualified Conservation Transfer.--For the purposes of this 
section, the term `qualified conservation transfer' means any transfer 
of any real property included in the gross estate of the decedent (or 
any interest therein) if--
            ``(1) such transfer is to an agency of the United States,
            ``(2) such transfer is accepted by such agency for use 
        exclusively for conservation purposes (as defined in section 
        170(h)), and
            ``(3) such transfer is made without any payment or 
        reimbursement from such agency.
    ``(d) Denial of Double Benefit.--No deduction shall be allowed 
under this chapter with respect to any transfer for which the estate 
claims the benefits of this section.''
    (b) Clerical Amendment.--The table of sections for subchapter C of 
chapter 11 of such Code is amended by adding at the end thereof the 
following new item:

                              ``Sec. 2017. Credit for certain transfers 
                                        of real property for 
                                        conservation purposes.''
    (c) Effective Date.--The amendments made by this section shall 
apply to transfers made after the date of the enactment of this Act.
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