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No Land Trust Hijack of H.R. 7; final version with Senate bill could change the outcome 9/16/03
According to Washington insiders, influential House members promised a fierce fight on the House floor if the committee adopted an amendment to give a 50% capital gains tax break to landowners who sold property to wealthy land trust organizations. Property rights lobbyist, Mike Hardiman praised the Committee action saying, “It was a good day. The taxpayers were saved $950 million that were not given to the land trusts.” The bill is expected to come to the floor of the House for a vote next week, but it is not expected to undergo changes. The difference between H.R. 7 and its companion, S. 476, is that the Senate version (which has passed the Senate) provides for a 25% tax break for land conservation. Unless added to the House bill, a conference committee will iron out the differences in a few weeks and that will have to be monitored closely. President Bush, who has advocated the 50% level, is keen on having a final version on his desk before the end of the current session. Property rights advocates need to contact their representatives to keep this amendment off H.R. 7 during floor debate. |