Habitat and Land Conservation Act of 2007

Summary

Habitat and Land Conservation Act of 2007 - Amends Internal Revenue Code provisions relating to habitat conservation and restoration to: (1) make permanent the special rule allowing an enhanced tax deduction for contributions of capital gain real property for conservation purposes; (2) allow a tax credit for costs and landowner losses relating to habitat protection and restoration; (3) allow a tax deduction for expenditures related to endangered species recovery plans approved by the Endangered Species Act of 1973; (4) exclude from gross income certain payments under the Fish and Wildlife Act of 1956; (5) extend through 2010 the taxpayer election to expense (i.e., deduct in full in the current taxable year) certain environmental remediation expenditures; and (6) allow tax-free exchanges of shares in certain mutual ditch, reservoir, or irrigation companies. Amends the American Jobs Creation Act of 2004 to change the effective dates applicable to leases of tax-exempt use property to foreign entities.

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Documents

4 official files

• Placed on Calendar Senate (text)

  Placed on Calendar Senate · EN · 24 October 2007

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• Placed on Calendar Senate (PDF)

  Placed on Calendar Senate · EN · 24 October 2007

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• Reported to Senate without amendment

  summary · EN · 24 October 2007

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• Introduced in Senate

  summary · EN · 24 October 2007

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