A bill to amend the Internal Revenue Code of 1954 to encourage land conservation expenditures by allowing an income tax credit for such expenditures.

Summary

Amends the Internal Revenue Code to allow agricultural land owners a nonrefundable income tax credit equal to 20 percent of the expenditures paid or incurred for purposes of soil conservation, prevention of soil erosion, reduction or control of agriculture-related pollution, and for specified activities relating to the treatment or moving of earth. Requires the recapture of amounts allowed as a credit under the provisions of this Act if the taxpayer disposes of such agricultural lands within three years of the taxable year in which such credit is claimed.

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Documents

1 official file

• Introduced in Senate

  summary · EN · 31 July 1981

  Open at official source

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