H.R. 10813
Historic Preservation and Land Conservation Certainty Act
Summary:
• Creates an optional election process allowing partnerships with open conservation easement donation controversies to settle tax disputes by accepting a deduction capped at 2.5x (or 3.2x for certain contributions) the capital contributed by partners, and paying a settlement amount covering taxes and penalties on the excess deduction claimed
• Establishes a 360-day election period from enactment, requiring partnerships to file an election statement and remit full payment simultaneously, with the election becoming immediately effective upon filing without requiring IRS acceptance or approval
• Amends the tax code to replace the Secretary of the Interior certification requirement for historic district buildings with a "contributing building" standard, allowing qualification based on National Register nomination documentation or Secretary of the Interior certification
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• Establishes a 360-day election period from enactment, requiring partnerships to file an election statement and remit full payment simultaneously, with the election becoming immediately effective upon filing without requiring IRS acceptance or approval
• Amends the tax code to replace the Secretary of the Interior certification requirement for historic district buildings with a "contributing building" standard, allowing qualification based on National Register nomination documentation or Secretary of the Interior certification
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