Complete America’s Great Trails Act
Sponsored By: Representative Walkinshaw, James R. [D-VA-11]
Introduced
Summary
A National Scenic Trail conservation credit would create a new tax credit for individuals and corporations who donate land or conservation easements that include a designated National Scenic Trail and its corridor. The credit equals the fair market value of the donated real property interest and the election to take the credit is irrevocable.
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- Landowners and donors: Landowners could claim a credit for donating a trail or trail corridor. The corridor is generally at least 50 feet and up to 2,640 feet on each side, with exceptions for smaller holdings or nearby structures.
- Businesses and taxpayers: The portion of the credit tied to property used in a trade or business would be treated as a business credit, while the remainder would be a personal credit. Unused credits can be carried forward but not beyond 10 years.
- Trails and federal oversight: The credit is intended to help complete and extend National Scenic Trails and their corridors. The Interior Department, with Treasury, must study the credit’s effectiveness and report to Congress within 4 years, including whether refundable or transferable treatment is feasible and its costs and benefits.
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 1 benefits, 0 costs, 0 mixed.
Tax credit for trail land donations
You would be able to claim a federal income tax credit equal to the fair market value of land you donate that includes a National Scenic Trail and its trail corridor. The corridor would generally be at least 50 feet on each side and no more than 2,640 feet, with special exceptions for smaller owner interests and nearby residences. Fair market value would follow section 170 valuation rules and reflect highest and best use when practicable. You would make an irrevocable election to take the credit and could not also claim a tax deduction for the same contribution. If part of the donated property is used in a trade or business, that portion of the credit would count as a general business credit. Unused credit could be carried forward up to 10 taxable years (FIFO). This would apply to contributions made after enactment. The Interior Secretary would study the credit and report to Congress within four years.
Sponsors & CoSponsors
Sponsor
Walkinshaw, James R. [D-VA-11]
VA • D
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
No roll call votes available for this bill.
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