,i #aah? ,,congress #b;d ,session ,h4 ,r4 #ajeba ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,decemb] #ai1 #bjbd,mr4 ,connolly introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,ways & ,means1 & 9 addition to ! ,committee on ,natural ,res\rces1 = a p]iod to be subsequ5tly det]m9$ by ! ,speak]1 9 ea* case = consid]ation ( su* provisions z fall )9 ! jurisdiction ( ! committee conc]n$ ,a ,,bill ,to am5d ! ,int]nal ,rev5ue ,code ( #aihf to all[ a cr$it aga9/ income tax = qualifi$ cons]vation contributions :i* include ,national ,sc5ic ,trails4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,complete ,am]ica's ,great ,trails ,act4 #b4 ,national ,sc5ic ,trail cons]vation cr$it 7a7 ,9 g5]al ,subp>t ,b ( "p ,,iv ( sub*apt] ,a ( *apt] #a ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+ new section3 #cj;,e4 ,national ,sc5ic ,trail cons]vation cr$it 7a7 ,all[ance ( cr$it ,!re %all be all[$ z a cr$it aga9/ ! tax impos$ by ?is *apt] = ! taxable ye> an am\nt equal to ! fair m>ket value ( any ,national ,sc5ic ,trail cons]vation contribution ( ! taxpay] = ! taxable ye>4 7b7 ,national ,sc5ic ,trail cons]vation contribution ,= purposes ( ?is section-- 7#a7 ,9 g5]al ,! t]m ,national ,sc5ic ,trail cons]vation contribution means any qualifi$ cons]vation contribution-- 7,a7 to ! ext5t ! qualifi$ real prop]ty int]e/ ) respect to su* contribution includes a ,national ,sc5ic ,trail 7or portion !re(7 & its trail corridor1 & 7,b7 ) respect to :i* ! taxpay] makes an election "u ?is section4 7#b7 ,national ,sc5ic ,trail ,! t]m ,national ,sc5ic ,trail means any trail au?oriz$ & designat$ "u section #e ( ! ,national ,trails ,sy/em ,act 7#af ,u4,s4,c4 #abdd74 7#c7 ,trail corridor 7,a7 ,9 g5]al ,! t]m trail corridor means s mu* ( ! corridor ( a trail z is-- 7i7 subject to subp>agraph 7,b71 n less ?an #ej feet wide on ea* side ( su* trail1 & 7ii7 n great] ?an #b1fdj feet wide4 7,b7 ,exceptions 7i7 ,less ?an #ej feet wide on a side ( ! trail ,9 ! case ( an int]e/ 9 real prop]ty ( ! taxpay] :i* includes less ?an #ej feet on ei!r side ( ! trail1 ! trail corridor %all include ! entire di/ance ) respect to su* int]e/ on su* side4 7ii7 ,build+ & /ructures ne> ! trail ,9 ! case ( an int]e/ 9 real prop]ty ( ! taxpay] :i* includes a resid5ce or /ructure own$ by ! taxpay] :i* is locat$ less ?an #ej feet f ! trail1 ! trail corridor = ! side ( ! trail on :i* ! resid5ce or /ructure is locat$ %all include su* di/ance f ! trail z is det]m9$ appropriate by ! taxpay]4 7#d7 ,qualifi$ cons]vation contribution2 qualifi$ real prop]ty int]e/ ,! t]ms qualifi$ cons]vation contribution & qualifi$ real prop]ty int]e/ h ! respective mean+s giv5 su* t]ms by section #agj7;h71 except t p>agraph 7#b77;,a7 !re( %all be appli$ )\t reg>d to any qualifi$ m9]al int]e/ 7z def9$ 9 p>agraph 7#f7 !re(74 7c7 ,special rules 7#a7 ,fair m>ket value ,fair m>ket value ( any ,national ,sc5ic ,trail cons]vation contribution %all be det]m9$ 9 ! same mann] z qualifi$ cons]vation contributions "u section #agj1 except t 9 any case1 to ! ext5t practicable1 fair m>ket value %all be det]m9$ by ref]5ce to ! highe/ & be/ use ( ! real prop]ty ) respect to su* contribution4 7#b7 ,election irrevocable ,an election "u ?is section may n be revok$4 7#c7 ,d5ial ( d\ble b5efit ,no d$uction %all be all[$ "u ?is *apt] ) respect to any qualifi$ cons]vation contribution ) respect to :i* an election is made "u ?is section4 7d7 ,application ) o!r cr$its 7#a7 ,bus9ess cr$it treat$ z "p ( g5]al bus9ess cr$it ,s mu* ( ! cr$it :i* w\ld be all[$ "u subsection 7a7 = any taxable ye> 7det]m9$ )\t reg>d to ?is subsection7 t is attributable to prop]ty us$ 9 a trade or bus9ess or held = ! production ( income %all be treat$ z a cr$it li/$ 9 section #ch7;b7 = su* taxable ye> 7& n all[$ "u subsection 7a774 7#b7 ,p]sonal cr$it ,= purposes ( ?is title1 ! cr$it all[$ "u subsection 7a7 = any taxable ye> 7det]m9$ aft] ! application ( p>agraph 7#a77 %all be treat$ z a cr$it all[able "u subp>t ,a = su* taxable ye>4 7e7 ,c>ry=w>d ( unus$ cr$it 7#a7 ,9 g5]al ,if ! cr$it all[able "u subsection 7a7 exce$s-- 7,a7 ! limitation impos$ by section #bf7;a7 = any taxable ye>1 r$uc$ by 7,b7 ! sum ( ! cr$its all[able "u subp>t ,a 7o!r ?an ?is section7 = ! taxable ye>1 su* excess %all be c>ri$ to ! succe$+ taxable ye> & add$ to ! cr$it all[able "u subsection 7a7 = su* succe$+ taxable ye>4 7#b7 ,limitation ,no cr$it may be c>ri$ =w>d "u ?is subsection to any taxable ye> foll[+ ! t5? taxable ye> aft] ! taxable ye> 9 :i* ! cr$it arose4 ,= purposes ( ! prec$+ s5t5ce1 cr$its %all be treat$ z us$ on a fir/-9 fir/-out basis4 4 7b7 ,cont9u$ use n inconsi/5t ) cons]vation purposes ,a contribution ( an int]e/ 9 real prop]ty %all n fail to be treat$ z a ,national ,sc5ic ,trail cons]vation contribution 7z def9$ 9 section #cj;,e7b7 ( ! ,int]nal ,rev5ue ,code ( #aihf7 solely by reason ( cont9u$ use ( ! real prop]ty1 su* z = recreational or agricultural use 7includ+ motor vehicle use relat$ !reto71 if1 "u ! circum/ances1 su* use does n impair significant cons]vation int]e/s & is n inconsi/5t ) ! purposes ( ! ,national ,trails ,sy/em ,act 7#af ,u4,s4,c4 #abda et seq474 7c7 ,/udy reg>d+ efficacy ( ,national ,sc5ic ,trail cons]vation cr$it 7#a7 ,9 g5]al ,! ,secret>y ( ! ,int]ior %all1 9 consultation ) ! ,secret>y ( ! ,treasury1 /udy-- 7,a7 ! efficacy ( ! ,national ,sc5ic ,trail cons]vation cr$it "u section #cj;,e ( ! ,int]nal ,rev5ue ,code ( #aihf 9 complet+1 ext5d+1 & increas+ ! numb] ( ,national ,sc5ic ,trails 7z def9$ 9 section #cj;,e7b7 ( su* ,code71 & 7,b7 ! feasibility & e/imat$ co/s & b5efits (-- 7i7 mak+ su* cr$it refundable 79 :ole or 9 "p71 & 7ii7 all[+ transf] ( su* cr$it4 7#b7 ,report ,n lat] ?an #d ye>s aft] ! date ( ! enactm5t ( ?is ,act1 ! ,secret>y ( ! ,int]ior %all submit a report to ,congress on ! results ( ! /udy conduct$ "u ?is subsection4 7d7 ,con=m+ am5dm5t ,! table ( sections = subp>t ,b ( "p ,,iv ( sub*apt] ,a ( *apt] #a ( su* ,code is am5d$ by add+ at ! end ! foll[+ new item3 #cj;,e4 ,national ,sc5ic ,trail cons]vation cr$it4 4 7e7 ,effective date ,! am5dm5ts made by ?is section %all apply to contributions made aft] ! date ( ! enactm5t ( ?is ,act4