Legislation introduced in the House of Representatives would limit the ability of high-income taxpayers to benefit from tax deductions through syndicated conservation easement transactions–while providing a different timeline than a similar bill in the Senate when it comes to preserving historic buildings. H.R. 8842 is similar to a S. 4751, which was introduced in September. The bills would deny a deduction for a partner’s allocable shares of a charitable contribution deduction when that share is more than 2.5 times the partner’s outside basis that is allocable to the real property for which the contrition was made. Both bills would apply to contributions made after Dec. 23, 2016, but the House bill includes an exception for contributions that had a conservation purpose in preserving a certified historic preservation. In that case, the limitation would take effect for tax years beginning after Dec. 31, 2018.