[Congressional Record Volume 164, Number 30 (Thursday, February 15, 2018)]
[Senate]
[Page S1166]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Mr. DAINES (for himself and Ms. Stabenow):
  S. 2436. A bill to amend the Internal Revenue Code of 1986 to limit 
the amount of certain qualified conservation contributions; to the 
Committee on Finance.
  Mr. DAINES. Mr. President, 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. 2436

       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 ``Charitable Conservation 
     Easement Program Integrity Act of 2018''.

     SEC. 2. LIMITATION ON PARTNER'S DEDUCTION FOR QUALIFIED 
                   CONSERVATION CONTRIBUTIONS MADE BY PARTNERSHIP.

       (a) In General.--Section 170(h) of the Internal Revenue 
     Code of 1986 is amended by adding at the end the following 
     new paragraph:
       ``(7) Limitation on partnership allocation of 
     contributions.--
       ``(A) In general.--In the case of any qualified 
     conservation contributions of any partnership (whether 
     directly or as a distributive share of such contributions of 
     another partnership), no amount of such contributions may be 
     taken into account under this section by any partner of such 
     partnership as a distributive share of such contributions if 
     the aggregate amount so taken into account by such partner 
     for the taxable year would (but for this paragraph) exceed 
     2.5 times such partner's adjusted basis in such partnership 
     (determined as of the close of such taxable year and without 
     regard to such contributions). The preceding sentence shall 
     apply only with respect to the first 5 taxable years of such 
     partner which end after the date on which such partner first 
     became a partner in the partnership.
       ``(B) Exception for family partnerships.--Subparagraph (A) 
     shall not apply with respect to any partnership if 
     substantially all of the partnership interests in such 
     partnership are held by individuals who are related within 
     the meaning of section 152(d)(2).
       ``(C) Regulations.--The Secretary shall prescribe such 
     regulations or other guidance as may be necessary to carry 
     out, and prevent the avoidance of, the purposes of this 
     paragraph.''.
       (b) Effective Date.--This section shall apply to 
     contributions made after December 23, 2016. No inference is 
     intended as the appropriate treatment of contributions made 
     on or before such date or as to any activity not described in 
     section 170(h)(7) of the Internal Revenue Code of 1986, as 
     added by this section.

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