A bill to provide for the designation of private property suitable for wetland protection and enhancement, to amend the Internal Revenue Code of 1954 to promote transfers of real property interests for natural area preservation purposes, and for other purposes.

Summary

Title I: Private Wetland and Critical Habitat Enhancement and Protection - Private Wetland and Critical Habitat Enhancement and Protection Act of 1984 - Grants the Secretary of the Interior the authority to designate privately owned real property as a private wetland enhancement area upon application by the owner of the property and to specify the nature and extent of any actions which should be taken in order to achieve the improvement or protection of the property to preserve or enhance the wetland characteristics. Directs the Secretary, upon application by the owner of critical habitat, to specify the nature and extent of any actions that should be taken in order to preserve or enhance the critical habitat characteristics of the property. Permits the Secretary to issue a certification describing in detail actions taken by the owner of a private wetland enhancement area or critical habitat to preserve or enhance the area or habitat. Title II: Tax Treatment - Public Lands Acquisition Alternatives Act of 1984 - Allows an individual income tax credit of 15 percent of the value of all actions taken to preserve or enhance private wetlands or critical habitats. Increases from 30 to 50 percent of adjusted gross income the ceiling for charitable contributions of capital gains property for natural area preservation contributions. Allows as a credit against estate tax the amount of all bequests, legacies, devises, or transfers of real property to the United States which would have been treated as natural area preservation contributions. Permits an estate tax deduction for the unused income tax deduction for natural area preservation contributions. Provides for the nonrecognition of gain from the sale of real property to certain tax-exempt organizations other than the United States, exclusively for natural area preservation purposes, if the taxpayer purchases investment property within three years of the sale. Increases to 70 percent the deduction for gain from the sale of property which is natural area preservation property. Provides for an extension of time for the payment of estate tax on natural preservation property included in the gross estate. Repeals the restriction on surface mining on lands contributed for conservation purposes. Allows a charitable contribution deduction for the contribution of real real property for conservation purposes with the retention of a mineral interest.

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1 official file

• Introduced in House

  summary · EN · 20 June 1984

  Open at official source

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