Historic Preservation and Land Conservation Certainty Act

The Historic Preservation and Land Conservation Certainty Act provides a mechanism for partnerships to settle open tax disputes regarding donations of conservation easements by agreeing to limit their tax deductions and paying a calculated settlement amount. This process allows partners to resolve uncertainties about whether their claimed deductions were too large, effectively closing the issue and waiving the right to contest the settlement in court. Additionally, the bill clarifies tax rules for historic preservation by updating the definition of a "contributing building" to include structures identified as significant in National Register nominations, ensuring consistency in how these properties qualify for tax benefits.