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S 1561 97th Congress Senate 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.

Introduced: July 31, 1981 Introduced by: Grassley, Chuck Republican · Iowa See on congress.gov
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 Everywhere this bill has been 5 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Oct 23, 1981
Subcommittee on Energy and Agricultural Taxation. Hearings held.
Oct 23, 1981
Subcommittee on Energy and Agricultural Taxation took the following actions.
Aug 5, 1981
Committee on Finance requested executive comment from OMB; Treasury Department; Agriculture Department.
Jul 31, 1981
Read second time and referred to Senate Committee on Finance.
Jul 31, 1981
Introduced in Senate
 Plain-English summary Congressional Research Service

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 October 23, 1981

Subcommittee on Energy and Agricultural Taxation. Hearings held.

 Committees of jurisdiction 2