Income tax; donation of real property for conservation purposes; revise tax credits

The definition of 'Substantial valuation misstatement' was changed to specify that the State Properties Commission is now the 'Department of Natural Resources' and explicitly states that the Department determines the correct valuation amount.

The maximum state income tax credit for qualified donations was increased from $500,000 or 25% of fair market value to $1 million or 50% of fair market value, with corresponding adjustments to partnership credit limits.

The bill title was updated to include '(SUB)' indicating this is a substitute version, and a committee attribution was added to identify the House Committee on Ways and Means as the sponsor of the substitute.

Formatting changes were made to bill numbering and page headers to reflect the substitute version, including updated LC numbers and page identifiers.