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H.R. 338 (114th): To amend the Internal Revenue Code of 1986 to encourage charitable contributions of real property for conservation purposes by Native Corporations.

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The text of the bill below is as of Jan 13, 2015 (Introduced). The bill was not enacted into law.

I

114th CONGRESS

1st Session

H. R. 338

IN THE HOUSE OF REPRESENTATIVES

January 13, 2015

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 encourage charitable contributions of real property for conservation purposes by Native Corporations.

1.

Encouragement of contributions of capital gain real property made for conservation purposes by Native Corporations

(a)

In general

Section 170(b)(2) of the Internal Revenue Code of 1986 is amended by redesignating subparagraph (C) as subparagraph (D), and by inserting after subparagraph (B) the following new subparagraph:

(C)

Qualified conservation contributions by certain Native Corporations

(i)

In general

Any qualified conservation contribution (as defined in subsection (h)(1)) which—

(I)

is made by a Native Corporation, and

(II)

is a contribution of property which was land conveyed under the Alaska Native Claims Settlement Act,

shall be allowed to the extent that the aggregate amount of such contributions does not exceed the excess of the taxpayer’s taxable income over the amount of charitable contributions allowable under subparagraph (A).
(ii)

Carryover

If the aggregate amount of contributions described in clause (i) exceeds the limitation of clause (i), such excess shall be treated (in a manner consistent with the rules of subsection (d)(2)) as a charitable contribution to which clause (i) applies in each of the 15 succeeding years in order of time.

(iii)

Definition

For purposes of clause (i), the term Native Corporation has the meaning given such term by section 3(m) of the Alaska Native Claims Settlement Act.

(iv)

Valid existing rights preserved

Nothing in this provision shall be construed to modify the existing property rights validly conveyed to Native Corporations under the Alaska Native Claims Settlement Act.

.

(b)

Conforming amendment

Section 170(b)(2)(A) of such Code is amended by striking subparagraph (B) applies and inserting subparagraphs (B) or (C) apply.

(c)

Effective date

The amendments made by this section shall apply to contributions made in taxable years beginning after December 31, 2014.