There is one summary for this bill. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (06/07/1991)

Wetlands Stewardship Trusts Act of 1991 - Directs the Secretary of the Interior to designate a nonprofit organization to be a Wetlands Stewardship Trust if such organization conforms to certain regulations, and includes among its primary purposes: (1) the acquisition of interests in wetlands, former wetlands, riparian lands, and associated real property; and (2) restoring, enhancing, creating, or preserving wetlands or riparian lands.

Amends the Internal Revenue Code to set forth special rules for charitable contributions of wetlands and riparian lands to such trusts, including: (1) applying the 50-percent limitation of the contributor's base to such donations; (2) allowing a 15-year (in lieu of five-year) carryforward of excess contributions; (3) allowing a three-year period (in lieu of 180 days) to complete an exchange of property which is part of a contribution; and (4) providing a procedure for completing such transactions if the contributor dies before the close of the taxable year.

Allows an itemized deduction for wetlands restoration expenditures and the deduction of such expenditures from gross income.

Excludes from gross income amounts received by the owner of wetlands or riparian lands for allowing any person to use such lands in a compatible use (one that does not degrade the functions or values of such lands).