This bill would allow property owners to exclude capital gains from their taxable income when they sell land or property interests to organizations participating in the Department of Defense's Readiness and Environmental Protection Integration program. The REPI program works with the military to protect land near military installations for both environmental conservation and military readiness purposes. The tax break applies to sales of full property interests, partial interests like easements, and remainder interests, though mineral rights can be retained if they don't require surface mining. The bill includes a safeguard preventing pass-through entities like partnerships from artificially using the tax benefit if they recently acquired the property, though it carves out exceptions for family-owned partnerships and similar entities. The tax exclusion would take effect for sales occurring in tax years beginning after the bill's enactment date.
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