HR 7369
96th Congress
House
Taxation
Agricultural pollution
Agriculture and Rural Affairs
Conservation of natural resources
Environmental Protection
Farm lands
Farms
Income tax
Reclamation of land
Soil conservation
Tax credits
A bill to amend the Internal Revenue Code of 1954 to encourage land conservation expenditures by allowing an income tax credit for such expenditures.
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 15, 1980
Referred to House Committee on Ways and Means.
May 15, 1980
Introduced in House
Plain-English summary
Amends the Internal Revenue Code to allow agricultural land owners a nonrefundable income tax credit equal to 20 percent of the expenditures paid or incurred for purposes of soil conservation, prevention of soil erosion, reduction or control of agriculture-related pollution, and for specified activities relating to the treatment or moving of earth. Requires the recapture of amounts allowed as a credit under the provisions of this Act if the taxpayer disposes of such agricultural lands within three years of the taxable year in which such credit is claimed.
What's happening now
Referred to House Committee on Ways and Means.
Committees of jurisdiction
1