EXPANSION OF ESTATE TAX RULE FOR CONSERVATION EASEMENTS.

SEC. 551. EXPANSION OF ESTATE TAX RULE FOR CONSERVATION EASEMENTS. (a) Repeal of Certain Restrictions on Where Land is Located.—Clause (i) of section 2031(c)(8)(A) (defining land subject to a qualified conservation easement) is amended to read as follows: “(i) which is located in the United States or any possession of the United States,”. (b) Clarification of Date for Determining Value of Land and Easement.—Section 2031(c)(2) (defining applicable percentage) is amended by adding at the end the following new sentence: “The values taken into account under the preceding sentence shall be such values as of the date of the contribution referred to in paragraph (8)(B).”. (c) Effective Date.—The amendments made by this section shall apply to estates of decedents dying after December 31, 2000.