Historic Preservation and Land Conservation Certainty Act

This bill sets up a one-time option for partnerships that donated conservation easements in tax years ending on or before December 31, 2024, and that still have an open IRS review, appeal, or court case about the deduction. Within 180 days of enactment, such a partnership could choose to cap its deduction, generally at 2.5 times the partners' basis in the property, and pay tax at the top rate plus a penalty on the amount claimed above that cap. Interest would be waived on amounts paid on time, and the choice would end those disputes and could not be appealed except for math errors. Partners who do not pay their share would be billed directly with an extra 25 percent charge. The bill also changes how a building in a historic district qualifies for the easement deduction and the historic rehabilitation credit, allowing buildings listed as 'contributing' in National Register district records to qualify.

Full text and official record on Congress.gov

Sponsors

• Mike Carey Republican sponsor
• 0 cosponsors