H.R.9398

Historic Preservation and Land Conservation Certainty Act provides an election to resolve certain open partnership controversies involving donations.

The Historic Preservation and Land Conservation Certainty Act provides an election to resolve certain open partnership controversies involving donations of conservation easements. The bill allows partnerships to elect to resolve controversies by paying a settlement amount, which resolves all federal income tax liability attributable to the excess of the claimed deduction over the settlement limitation amount. The election statement must include specific information about the partnership, the eligible contribution, and the settlement amount.