,i  #aacth ,,congress  #ast ,session    
,h4 ,r4 #bgac  ,,in ,,the ,,house ,,of  
,,representatives  ,july #ag1 #bjac ,mr4
 ,meadows introduced the following bill2
 which was referred to the ,committee on
 ,ways and ,means  ,a ,,bill  ,to amend 
the ,internal ,revenue ,code of #aihf to
 exclude from gross income gain from the
 sale or grant of conservation easements
 and to allow the sale or grant of      
conservation easements in the case of   
the special estate tax valuation        
provisions for certain farm and other   
trade or business real property4  #a4   
,short title ,this ,act may be cited as 
the ,capital ,gains ,easement ,act of   
#bjac4  #b4 ,exclusion of gain from sale
 or grant for real property conservation
 purposes  7a7 ,in general ,part ,,iii  
of subchapter ,b of chapter #a of the   
,internal ,revenue ,code of #aihf is    
amended by inserting before section #adj
 the following new section3  #aci;,e4   
,gain from sale or grant for            
conservation purposes  7a7 ,in general  

,gross income shall not include any gain
 from the sale or grant of a qualified  
real property interest to a qualified   
organization exclusively for            
conservation purposes4  7b7 ,definitions
 ,for purposes of this section--  7#a7  
,qualified real property interest  7,a7 
,in general ,the term qualified real    
property interest means any of the      
following interests in real property3   
7i7 ,the entire interest of the         
taxpayer4  7ii7 ,a remainder interest4  
7iii7 ,a restriction 7granted in        
perpetuity7 on the use which may be made
 of the real property4  7,b7 ,special   
rule for mineral interests ,an interest 
in real property shall not fail to be   
treated as a qualified real property    
interest solely by reason of a retention
 of a qualified mineral interest4  7#b7 
,qualified organization2 conservation   
purposes ,the terms qualified           
organization and conservation purpose   
shall have the respective meanings given
 such terms by section #agj7;h74  4  7b7

 ,clerical amendment ,the table of      
sections for part ,,iii of subchapter ,b
 of chapter #a of such ,code is amended 
by inserting before the item relating to
 section #adj the following new item3   
,sec4 #aci;,e4 ,gain from sale or grant 
of conservation easement4  4  7c7       
,effective date ,the amendments made by 
this section shall apply to taxable     
years beginning after the date of the   
enactment of this ,act4  #c4 ,sale of   
conservation easement not a disposition 
for purposes of special estate tax real 
estate valuation rules  7a7 ,in general 
,paragraph 7#h7 of section #bjcb;,a7c7  
of the ,internal ,revenue ,code of #aihf
 is amended by inserting or a sale or   
grant to which section #aci;,e applies  
after by gift or otherwise4  7b7        
,effective date ,the amendment made by  
this section shall apply to sales or    
grants after the date of the enactment  
of this ,act4