Natural Areas Tax Protection Act of 1982

Summary

Natural Areas Tax Protection Act of 1982 - Amends the Internal Revenue Code to increase the charitable deduction for contributions of capital gain property for conservation purposes. Revises criteria for determining whether a governmental conservation policy and significant public benefit is being served by donations of open space property. Allows a credit against the estate tax for qualified conservation contributions to the United States. Provides for the nonrecognition of gain from the sale of real property to certain tax-exempt organizations (excluding the United States) if the taxpayer purchases property for use for conservation purposes within two years of such sale. Requires that the conservation purpose be protected in perpetuity. Increases the capital gains deduction for sale of property to qualified organizations for use for conservation purposes.

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1 official file

• Introduced in Senate

  summary · EN · 1 October 1982

  Open at official source

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