S.Amdt. 4307

SA 4307. Mr. BEGICH submitted an amendment intended to be proposed to
amendment SA 4301 proposed by Mr. Baucus to the bill H.R. 4213, to
amend the Internal Revenue Code of 1986 to extend certain expiring
provisions, and for other purposes; which was ordered to lie on the
table; as follows:

At the end of title VI, insert the following:

SEC. 6__. ENCOURAGEMENT OF CONTRIBUTIONS OF CAPITAL GAIN REAL
PROPERTY MADE FOR CONSERVATION PURPOSES BY
NATIVE CORPORATIONS.

(a) In General.--Paragraph (2) of section 170(b) of the
Internal Revenue Code of 1986 is amended by redesignating
subparagraph (C) as subparagraph (D), and by inserting after
subparagraph (B) the following new subparagraph:
``(C) Qualified conservation contributions by certain
native corporations.--
``(i) In general.--Any qualified conservation contribution
(as defined in subsection (h)(1)) which--

``(I) is made by a Native Corporation, and
``(II) is a contribution of property which was land
conveyed under the Alaska Native Claims Settlement Act,

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shall be allowed to the extent that the aggregate amount of
such contributions does not exceed the excess of the
taxpayer's taxable income over the amount of charitable
contributions allowable under subparagraph (A).
``(ii) Limitation.--This subparagraph shall not apply to
any contribution of property described in clause (i)(II)
which, by itself or when aggregated to any other property to
which this subparagraph applies, is a contribution of more
than 10 percent of the land conveyed to the Native
Corporation described in clause (i)(I) under the Alaska
Native Claims Settlement Act.
``(iii) Carryover.--If the aggregate amount of
contributions described in clause (i) exceeds the limitation
of clause (i), such excess shall be treated (in a manner
consistent with the rules of subsection (d)(2)) as a
charitable contribution to which clause (i) applies in each
of the 5 succeeding years in order of time.
``(iv) Definition.--For purposes of this subparagraph, the
term `Native Corporation' has the meaning given such term by
section 3(m) of the Alaska Native Claims Settlement Act.
``(v) Termination.--This subparagraph shall not apply to
any contribution in any taxable year beginning after December
31, 2010.''.
(b) Conforming Amendment.--Section 170(b)(2)(A) of such
Code is amended by striking ``subparagraph (B) applies'' and
inserting ``subparagraphs (B) or (C) apply''.
(c) Effective Date.--The amendments made by this section
shall apply to contributions made after the date of the
enactment of this Act.
(d) Rule of Construction.--Nothing in this section or the
amendments made by this section shall be construed to modify
any existing property rights conveyed to Native Corporations
(withing the meaning of section 3(m) of the Alaska Native
Claims Settlement Act) under such Act.

SEC. 6__. INCREASE IN PENALTY FOR FAILURE TO FILE A
PARTNERSHIP OR S CORPORATION RETURN.

(a) In General.--Sections 6698(b)(1) and 6699(b)(1) of the
Internal Revenue Code of 1986 are each amended by striking
``$195'' and inserting ``$205''.
(b) Effective Date.--The amendment made by this section
shall apply to returns for taxable years beginning after
December 31, 2010.
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