,,ii #aafth ,,congress #ast ,session ,s4 #hji ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,march #ad1 #bjai,mr4 ,blumenthal 7for himself1 ,ms4 ,warren1 ,mrs4 ,feinstein1 and ,ms4 ,baldwin7 introduced the following bill2 which was read twice and referred to the ,committee on ,finance ,a ,,bill ,to amend the ,internal ,revenue ,code of #aihf to allow a credit against income tax for qualified conservation contributions which include ,national ,scenic ,trails4 #a4 ,short title ,this ,act may be cited as the ,complete ,america's ,great ,trails ,act4 #b4 ,national ,scenic ,trail conservation credit 7a7 ,in general ,subpart ,b of part ,,iv of subchapter ,a of chapter #a of the ,internal ,revenue ,code of #aihf is amended by adding at the end the following new section3 #cj;,e4 ,national ,scenic ,trail conservation credit 7a7 ,allowance of credit ,there shall be allowed as a credit against the tax imposed by this chapter for the taxable year an amount equal to the fair market value of any ,national ,scenic ,trail conservation contribution of the taxpayer for the taxable year4 7b7 ,national ,scenic ,trail conservation contribution ,for purposes of this section-- 7#a7 ,in general ,the term ,national ,scenic ,trail conservation contribution means any qualified conservation contribution-- 7,a7 to the extent the qualified real property interest with respect to such contribution includes a ,national ,scenic ,trail 7or portion thereof7 and its trail corridor1 and 7,b7 with respect to which the taxpayer makes an election under this section4 7#b7 ,national ,scenic ,trail ,the term ,national ,scenic ,trail means any trail authorized and designated under section #e of the ,national ,trails ,system ,act 7#af ,u4,s4,c4 #abdd71 but only if such trail is at least #bjj miles in length4 7#c7 ,trail corridor 7,a7 ,in general ,the term trail corridor means so much of the corridor of a trail as is-- 7i7 subject to subparagraph 7,b71 not less than #aej feet wide on each side of such trail1 and 7ii7 not greater than #b1fdj feet wide4 7,b7 ,exceptions 7i7 ,less than #aej feet wide on a side of the trail ,in the case of an interest in real property of the taxpayer which includes less than #aej feet on either side of the trail1 the trail corridor shall include the entire distance with respect to such interest on such side4 7ii7 ,building and structures near the trail ,in the case of an interest in real property of the taxpayer which includes a residence or structure owned by the taxpayer which is located less than #aej feet from the trail1 the trail corridor for the side of the trail on which the residence or structure is located shall include such distance from the trail as is determined appropriate by the taxpayer4 7#d7 ,qualified conservation contribution2 qualified real property interest ,the terms qualified conservation contribution and qualified real property interest have the respective meanings given such terms by section #agj7;h71 except that paragraph 7#b77;,a7 thereof shall be applied without regard to any qualified mineral interest 7as defined in paragraph 7#f7 thereof74 7c7 ,special rules 7#a7 ,fair market value ,fair market value of any ,national ,scenic ,trail conservation contribution shall be determined in the same manner as qualified conservation contributions under section #agj1 except that in any case1 to the extent practicable1 fair market value shall be determined by reference to the highest and best use of the real property with respect to such contribution4 7#b7 ,election irrevocable ,an election under this section may not be revoked4 7#c7 ,denial of double benefit ,no deduction shall be allowed under this chapter with respect to any qualified conservation contribution with respect to which an election is made under this section4 7d7 ,application with other credits 7#a7 ,business credit treated as part of general business credit ,so much of the credit which would be allowed under subsection 7a7 for any taxable year 7determined without regard to this subsection7 that is attributable to property used in a trade or business or held for the production of income shall be treated as a credit listed in section #ch7;b7 for such taxable year 7and not allowed under subsection 7a774 7#b7 ,personal credit ,for purposes of this title1 the credit allowed under subsection 7a7 for any taxable year 7determined after the application of paragraph 7#a77 shall be treated as a credit allowable under subpart ,a for such taxable year4 7e7 ,carryforward of unused credit 7#a7 ,in general ,if the credit allowable under subsection 7a7 exceeds-- 7,a7 the limitation imposed by section #bf7;a7 for any taxable year1 reduced by 7,b7 the sum of the credits allowable under subpart ,a 7other than this section7 for the taxable year1 such excess shall be carried to the succeeding taxable year and added to the credit allowable under subsection 7a7 for such succeeding taxable year4 7#b7 ,limitation ,no credit may be carried forward under this subsection to any taxable year following the tenth taxable year after the taxable year in which the credit arose4 ,for purposes of the preceding sentence1 credits shall be treated as used on a first-in first-out basis4 4 7b7 ,continued use not inconsistent with conservation purposes ,a contribution of an interest in real property shall not fail to be treated as a ,national ,scenic ,trail conservation contribution 7as defined in section #cj;,e7b7 of the ,internal ,revenue ,code of #aihf7 solely by reason of continued use of the real property1 such as for recreational or agricultural use 7including motor vehicle use related thereto71 if1 under the circumstances1 such use does not impair significant conservation interests and is not inconsistent with the purposes of the ,national ,trails ,system ,act 7#af ,u4,s4,c4 #abda et seq474 7c7 ,study regarding efficacy of ,national ,scenic ,trail conservation credit 7#a7 ,in general ,the ,secretary of the ,interior shall1 in consultation with the ,secretary of the ,treasury1 study-- 7,a7 the efficacy of the ,national ,scenic ,trail conservation credit under section #cj;,e of the ,internal ,revenue ,code of #aihf in completing1 extending1 and increasing the number of ,national ,scenic ,trails 7as defined in section #cj;,e7b7 of such ,code71 and 7,b7 the feasibility and estimated costs and benefits of-- 7i7 making such credit refundable 7in whole or in part71 and 7ii7 allowing transfer of such credit4 7#b7 ,report ,not later than #d years after the date of the enactment of this ,act1 the ,secretary of the ,interior shall submit a report to ,congress on the results of the study conducted under this subsection4 7d7 ,conforming amendment ,the table of sections for subpart ,b of part ,,iv of subchapter ,a of chapter #a of such ,code is amended by adding at the end the following new item3 #cj;,e4 ,national ,scenic ,trail conservation credit4 4 7e7 ,effective date ,the amendments made by this section shall apply to contributions made after the date of the enactment of this ,act4