,i  #aac? ,,congress  #a/ ,session  ,h4 
,r4 #bgac  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,july #ag1 #bjac ,mr4 
,mead[s introduc$ ! foll[+ bill2 :i* 0  
ref]r$ to ! ,committee on ,ways & ,means
  ,a ,,bill  ,to am5d ! ,int]nal ,rev5ue
 ,code ( #aihf to exclude f gross income
 ga9 f ! sale or grant ( cons]vation    
easem5ts & to all[ ! sale or grant (    
cons]vation easem5ts 9 ! case ( !       
special e/ate tax valuation provisions =
 c]ta9 f>m & o!r trade or bus9ess real  
prop]ty4  #a4 ,%ort title ,?is ,act may 
be cit$ z ! ,capital ,ga9s ,easem5t ,act
 ( #bjac4  #b4 ,exclusion ( ga9 f sale  
or grant = real prop]ty cons]vation     
purposes  7a7 ,9 g5]al ,"p ,,iii (      
sub*apt] ,b ( *apt] #a ( ! ,int]nal     
,rev5ue ,code ( #aihf is am5d$ by ins]t+
 be=e section #adj ! foll[+ new section3
  #aci;,e4 ,ga9 f sale or grant =       
cons]vation purposes  7a7 ,9 g5]al      
,gross income %all n include any ga9 f !
 sale or grant ( a qualifi$ real prop]ty
 int]e/ to a qualifi$ organization      

exclusively = cons]vation purposes4  7b7
 ,def9itions ,= purposes ( ?is section--
  7#a7 ,qualifi$ real prop]ty int]e/    
7,a7 ,9 g5]al ,! t]m qualifi$ real      
prop]ty int]e/ means any ( ! foll[+     
int]e/s 9 real prop]ty3  7i7 ,! entire  
int]e/ ( ! taxpay]4  7ii7 ,a rema9d]    
int]e/4  7iii7 ,a re/riction 7grant$ 9  
p]petuity7 on ! use :i* may be made ( ! 
real prop]ty4  7,b7 ,special rule =     
m9]al int]e/s ,an int]e/ 9 real prop]ty 
%all n fail to be treat$ z a qualifi$   
real prop]ty int]e/ solely by reason ( a
 ret5tion ( a qualifi$ m9]al int]e/4    
7#b7 ,qualifi$ organization2 cons]vation
 purposes ,! t]ms qualifi$ organization 
& cons]vation purpose %all h !          
respective mean+s giv5 su* t]ms by      
section #agj7;h74  4  7b7 ,cl]ical      
am5dm5t ,! table ( sections = "p ,,iii (
 sub*apt] ,b ( *apt] #a ( su* ,code is  
am5d$ by ins]t+ be=e ! item relat+ to   
section #adj ! foll[+ new item3  ,sec4  
#aci;,e4 ,ga9 f sale or grant (         
cons]vation easem5t4  4  7c7 ,effective 

date ,! am5dm5ts made by ?is section    
%all apply to taxable ye>s beg9n+ aft] !
 date ( ! enactm5t ( ?is ,act4  #c4     
,sale ( cons]vation easem5t n a         
disposition = purposes ( special e/ate  
tax real e/ate valuation rules  7a7 ,9  
g5]al ,p>agraph 7#h7 ( section          
#bjcb;,a7c7 ( ! ,int]nal ,rev5ue ,code (
 #aihf is am5d$ by ins]t+ or a sale or  
grant to :i* section #aci;,e applies    
aft] by gift or o!rwise4  7b7 ,effective
 date ,! am5dm5t made by ?is section    
%all apply to sales or grants aft] !    
date ( ! enactm5t ( ?is ,act4