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Charitable Conservation Easement Program Integrity Act of 2021
12/31/2022, 4:58 AM
Summary of Bill HR 4164
Bill 117 HR 4164, also known as the Charitable Conservation Easement Program Integrity Act of 2021, aims to address issues related to the abuse of conservation easement tax deductions. Conservation easements are legal agreements that restrict development on a piece of land in order to protect its natural, scenic, or historic resources.
The bill seeks to improve the oversight and enforcement of conservation easement tax deductions by requiring appraisers to meet certain qualifications and standards when valuing easements. It also includes provisions to increase penalties for taxpayers who participate in abusive conservation easement transactions.
Additionally, the bill aims to enhance transparency by requiring the IRS to report annually on the use of conservation easement tax deductions and the enforcement actions taken against abusive transactions. It also includes provisions to improve the administration of the conservation easement program and ensure that it is being used for its intended purpose of preserving important natural resources. Overall, the Charitable Conservation Easement Program Integrity Act of 2021 seeks to strengthen the integrity of the conservation easement program and prevent abuse of tax deductions, ultimately ensuring that valuable natural resources are protected for future generations.
The bill seeks to improve the oversight and enforcement of conservation easement tax deductions by requiring appraisers to meet certain qualifications and standards when valuing easements. It also includes provisions to increase penalties for taxpayers who participate in abusive conservation easement transactions.
Additionally, the bill aims to enhance transparency by requiring the IRS to report annually on the use of conservation easement tax deductions and the enforcement actions taken against abusive transactions. It also includes provisions to improve the administration of the conservation easement program and ensure that it is being used for its intended purpose of preserving important natural resources. Overall, the Charitable Conservation Easement Program Integrity Act of 2021 seeks to strengthen the integrity of the conservation easement program and prevent abuse of tax deductions, ultimately ensuring that valuable natural resources are protected for future generations.
Congressional Summary of HR 4164
Charitable Conservation Easement Program Integrity Act of 2021
This bill imposes a limitation on the tax deduction for qualified conservation contributions made by certain partnerships if the amount of the contribution exceeds 2.5% times the sum of each partner's relevant basis in the partnership. This limitation also applies to other pass-thru entities, such as S corporations.
Read the Full Bill
Current Status of Bill HR 4164
Bill HR 4164 is currently in the status of Bill Introduced since June 24, 2021. Bill HR 4164 was introduced during Congress 117 and was introduced to the House on June 24, 2021. Bill HR 4164's most recent activity was Referred to the House Committee on Ways and Means. as of June 24, 2021
Bipartisan Support of Bill HR 4164
Total Number of Sponsors
1Democrat Sponsors
1Republican Sponsors
0Unaffiliated Sponsors
0Total Number of Cosponsors
22Democrat Cosponsors
16Republican Cosponsors
6Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 4164
Primary Policy Focus
TaxationAlternate Title(s) of Bill HR 4164
To amend the Internal Revenue Code of 1986 to limit the charitable deduction for certain qualified conservation contributions.
Charitable Conservation Easement Program Integrity Act of 2021
Charitable Conservation Easement Program Integrity Act of 2021
Comments
Sponsors and Cosponsors of HR 4164
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