EXTENSION AND MODIFICATION OF SPECIAL RULE FOR CONTRIBUTIONS OF CAPITAL GAIN REAL PROPERTY MADE FOR CONSERVATION PURPOSES.

SEC. 111. EXTENSION AND MODIFICATION OF SPECIAL RULE FOR CONTRIBUTIONS OF CAPITAL GAIN REAL PROPERTY MADE FOR CONSERVATION PURPOSES. (a) Made permanent.— (1) [26 U.S.C. 170] Individuals.—Section 170(b)(1)(E) is amended by striking clause (vi). (2) Corporations.—Section 170(b)(2)(B) is amended by striking clause (iii). (b) Contributions of Capital Gain Real Property Made for Conservation Purposes by Native Corporations.— (1) In general.—Section 170(b)(2) 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, 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) 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 15 succeeding taxable years in order of time. “(iii) Native corporation.—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.” . (2) Conforming amendments.— (A) [26 U.S.C. 170] Section 170(b)(2)(A) is amended by striking “subparagraph (B) applies” and inserting “subparagraph (B) or (C) applies”. (B) Section 170(b)(2)(B)(ii) is amended by striking “15 succeeding years” and inserting “15 succeeding taxable years”. (3) [26 U.S.C. 170 note] Valid existing rights preserved.—Nothing in this subsection (or any amendment made by this subsection) shall be construed to modify the existing property rights validly conveyed to Native Corporations (within the meaning of section 3(m) of the Alaska Native Claims Settlement Act) under such Act. (c) [26 U.S.C. 170 note] Effective Dates.— (1) Extension.—The amendments made by subsection (a) shall apply to contributions made in taxable years beginning after December 31, 2014. (2) Modification.—The amendments made by subsection (b) shall apply to contributions made in taxable years beginning after December 31, 2015.