A bill to amend the Internal Revenue Code of 1954 to allow a deduction for certain contributions of real property for conservation purposes.

Summary

Amends the Internal Revenue Code with respect to charitable contributions of partial interest in real property to allow an income tax deduction for any interest in real property if: (1) the only interests retained by the taxpayer are oil, gas, or other mineral interests; and (2) such retained oil, gas, or other minerals may not be extracted by surface mining methods. Amends the Tax Reduction and Simplification Act of 1977 and the Tax Reform Act of 1976 to remove the June 14, 1981 expiration date for the application of denial of deduction provisions to charitable contributions of partial interests in real property.

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Documents

1 official file

• Introduced in Senate

  summary · EN · 26 June 1979

  Open at official source

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