Summary: S.901 — 105th Congress (1997-1998)All Information (Except Text)

There is one summary for S.901. Bill summaries are authored by CRS.

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Introduced in Senate (06/12/1997)

Endangered Species Habitat Protection Act of 1997 - Amends the Internal Revenue Code to provide for a deduction for the donation of property as a conservation easement. Provides for the valuation of the property.

Requires that the value of a taxable estate be determined by deducting from the value of the gross estate an amount equal to the adjusted value of real property included in the gross estate which is subject to an endangered species conservation agreement. Provides for recapture in certain cases.

Excludes from gross income 75 percent of any gain from the sale of any land to a conservation purchaser if certain requirements are met. Defines "conservation purchaser" as: (1) any agency of the United States or of any State or local government; and (2) any qualified organization.