PlainBillCongress, translated.Legislation. Context. Public interest.Read twice and referred to the Committee on Finance.
Congressional Research Service
Version 00 · Introduced in Senate · Apr 15, 1999
Conservation Tax Incentives Act of 1999 - Amends the Internal Revenue Code to exclude from gross income 50 percent of any gain from the sale of land or an interest in land or water (determined without regard to any improvements) to an eligible entity if: (1) such land or interest in land or water was owned by the taxpayer or a member of the taxpayer's family at all times during the three-year period ending on the date of the sale; and (2) it is being acquired by an eligible entity which provides the taxpayer, at the time of acquisition, a written letter of intent which states that the purchaser's intent is that the acquisition will serve one or more of specified conservation purposes. Includes as "land or an interest in land or water" stock in any corporation, if the fair market value of the corporation's land or interests in land or water equals or exceeds 90 percent of the fair market value of all of its assets at all times during the three-year period ending on the date of the sale. Deems a purchaser an eligible entity if it is: (1) any Federal, State, or local governmental agency; or (2) any tax-exempt charitable organization that is organized and at all times operated principally for one or more specified conservation purposes, and meets certain other requirements.
People & committees
Sen. Jeffords, James M. [R-VT] · R–VT
Legislative record
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Read twice and referred to the Committee on Finance.
Sponsor introductory remarks on measure. (CR S3781-3782)
Introduced in Senate
Primary sources
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Source last updated: Aug 20, 2025. Consult Congress.gov for the current record.
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