[Congressional Record Volume 153, Number 19 (Wednesday, January 31, 2007)]
[Senate]
[Pages S1457-S1458]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Mr. BAUCUS (for himself and Mr. Grassley):
  S. 469. A bill to amend the Internal Revenue Code of 1986 to make 
permanent the special rule for contributions of qualified conservation 
contributions; to the Committee on Finance.
  Mr. BAUCUS. Mr. President, I rise today to introduce the Rural 
Heritage Conservation Extension Act of 2007, along with my good friend 
Senator Grassley from Iowa.
  As we all know, the country, and my home State of Montana, are losing 
precious agricultural and ranch lands at a record pace. While providing 
Montana and the Nation with the highest quality food and fiber, these 
farms and ranches also provide habitat for wildlife and the open 
spaces, land that many of us take for granted and assume will always be 
there. Montana has begun to recognize the importance of these lands. We 
currently have 1,573,411 acres covered by conservation easements. To 
some, that may seem like a large amount, but this is Montana, a State 
that covers 93,583,532 acres, making the conservation easements 
coverage a mere 1.68 percent of all of our lands.
  To assure that open space and habitat will be there for future 
generations, we must help our hardworking farmers and ranchers preserve 
this precious heritage and their way-of-life.
  Conservation easements have been tremendously successful in 
preserving open space and wildlife habitat. Last year, the Congress 
recognized this by providing targeted income tax relief to small 
farmers and ranchers who wish to make a charitable contribution of a 
qualified conservation easement. The provision allows eligible farmers 
and ranchers to increase the amounts of deduction that may be taken 
currently for charitable contributions of qualified conservation 
easements by raising the Adjusted Gross Income (AGI) limitations to 100 
percent and extending the carryover period from 5 years to 15 years. In 
the case of all landowners, the AGI limitation would be raised from 30 
percent to 50 percent.
  The Rural Heritage Conservation Extension Act of 2007 would make this 
allowable deduction permanent, building on the success of conservation 
easements. Our farmers and ranchers will be able to preserve their 
important agricultural and ranching lands for future generations, while 
continuing to operate their businesses. Landowners, conservationists, 
the Federal Government, and local communities are working together to 
preserve our precious natural resources.
  This legislation is vitally important to Montana, and to every other 
State in the Nation.
  I ask unanimous consent that the text of the bill be printed in the 
Record.
  There being no objection, the text of the bill was ordered to be 
printed in the Record, as follows:

                                 S. 469

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

     SECTION 1. SPECIAL RULE FOR CONTRIBUTIONS OF QUALIFIED 
                   CONSERVATION CONTRIBUTIONS MADE PERMANENT.

       (a) In General.--

[[Page S1458]]

       (1) Individuals.--Subparagraph (E) of section 170(b)(1) of 
     the Internal Revenue Code of 1986 (relating to contributions 
     of qualified conservation contributions) is amended by 
     striking clause (vi).
       (2) Corporations.--Subparagraph (B) of section 170(b)(2) of 
     such Code (relating to qualified conservation contributions) 
     is amended by striking clause (iii).
       (b) Effective Date.--The amendments made by this section 
     shall apply to contributions made in taxable years beginning 
     after the date of the enactment of this Act.

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