S.2223 - Habitat and Land Conservation Act of 2007

An original bill to amend the Internal Revenue Code of 1986 to provide additional tax incentives to promote habitat conservation and restoration, and for other purposes. view all titles (3)

All Bill Titles

  • Official: An original bill to amend the Internal Revenue Code of 1986 to provide additional tax incentives to promote habitat conservation and restoration, and for other purposes. as introduced.
  • Short: Habitat and Land Conservation Act of 2007 as reported to senate.
  • Short: Habitat and Land Conservation Act of 2007 as introduced.

This Bill currently has no wiki content. If you would like to create a wiki entry for this bill, please Login, and then select the wiki tab to create it.

Bill’s Views

  • Today: 1
  • Past Seven Days: 1
  • All-Time: 6,119
 
Introduced
 
Senate
Passes
 
House
Passes
 
President
Signs
 

 
10/24/07
 
 
 
 
 
 
 

Official Summary

Habitat and Land Conservation Act of 2007 - Amends the Internal Revenue Code to provide tax incentives for habitat conservation and restoration. Makes permanent the special rule allowing an enhanced tax deduction for individual and corporate charitable contributions of capital gain real pro

Official Summary

Habitat and Land Conservation Act of 2007 - Amends the Internal Revenue Code to provide tax incentives for habitat conservation and restoration. Makes permanent the special rule allowing an enhanced tax deduction for individual and corporate charitable contributions of capital gain real property for conservation purposes. Allows certain landowners whose property contains the habitat of an endangered or threatened species and who enter into a habitat protection agreement a tax credit for costs and property losses relating to habitat protection easements and restoration. Places limits on the amount of such credit for each of calendar years 2008 through 2012. Directs the Comptroller General of the United States to study and report to Congress on the effectiveness of such credit.Allows a tax deduction for expenditures related to endangered species recovery plans approved under the Endangered Species Act of 1973. Excludes from gross income certain payments under:
(1) the Partners for Fish and Wildlife Program authorized by the Partners for Fish and Wildlife Act; and
(2) the Landowner Incentive Program, the State Wildlife Grants Program, and the Private Stewardship Grants Program authorized by the Fish and Wildlife Act of 1956.Extends through 2010 the taxpayer election to expense (deduct in the current taxable year) expenditures made for environmental remediation (i.e., abatement or control of hazardous substances at contaminated sites).Allows tax-free exchanges of shares in certain mutual ditch, reservoir, or irrigation companies.Amends the American Jobs Creation Act of 2004 to change the effective dates applicable to leases of tax-exempt use property to foreign entities.

...Read the Rest




Vote on This Bill

-% Users Support Bill

0 in favor / 0 opposed
 

Send Your Senator a Letter

about this bill Support Oppose Tracking
Track with MyOC