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Full Text of this Amendment
On page 12, between lines 19 and 20, insert the following:
SEC. __X. ENCOURAGEMENT OF CONTRIBUTIONS OF CAPITAL GAIN REAL PROPERTY MADE FOR CONSERVATION PURPOSES BY NATIVE CORPORATIONS.
(a) In General.--Paragraph (2) of section 170(b) of the Internal Revenue Code of 1986 is amended by redesignating subparagraph (C) as subparagraph (D), and by inserting after subparagraph (B) the following new subparagraph:
"(C) QUALIFIED CONSERVATION CONTRIBUTIONS BY CERTAIN NATIVE CORPORATIONS.--
"(i) IN GENERAL.--Any qualified conservation contribution (as defined in subsection (h)(1)) which--
"(I) is made by a Native Corporation, and
"(II) is a contribution of property which was land conveyed under the Alaska Native Claims Settlement Act,
shall be allowed to the extent that the aggregate amount of such contributions does not exceed the excess of the taxpayer's taxable income over the amount of charitable contributions allowable under subparagraph (A).
"(ii) LIMITATION.--This subparagraph shall not apply to any contribution of property described in clause (i)(II) which, by itself or when aggregated to any other property to which this subparagraph applies, is a contribution of more than 10 percent of the land conveyed to the Native Corporation described in clause (i)(I) under the Alaska Native Claims Settlement Act.
"(iii) CARRYOVER.--If the aggregate amount of contributions described in clause (i) exceeds the limitation of clause (i), such excess shall be treated (in a manner consistent with the rules of subsection (d)(2)) as a charitable contribution to which clause (i) applies in each of the 15 succeeding years in order of time.
"(iv) DEFINITION.--For purposes of this subparagraph, the term `Native Corporation' has the meaning given such term by section 3(m) of the Alaska Native Claims Settlement Act.
"(v) TERMINATION.--This subparagraph shall not apply to any contribution in any taxable year beginning after December 31, 2010.".
(b) Conforming Amendment.--Section 170(b)(2)(A) of such Code is amended by striking "subparagraph (B) applies" and inserting "subparagraphs (B) or (C) apply".
(c) Effective Date.--The amendments made by this section shall apply to contributions made after the date of the enactment of this Act.
(d) Rule of Construction.--Nothing in this section or the amendments made by this section shall be construed to modify any existing property rights conveyed to Native Corporations (withing the meaning of section 3(m) of the Alaska Native Claims Settlement Act) under such Act.
(As printed in the Congressional Record for the Senate on Mar 3, 2010.)