Open Space Preservation Act of 1992

Open Space Preservation Act of 1992 - Amends the Internal Revenue Code to exclude from the gross estate tax the value of land subject to a qualified conservation easement (less the amount of any indebtedness secured by such land). Includes in the gross estate tax the value of each development right retained by the donor in the conveyance of the easement. Makes such tax due upon the disposition of the property. Provides that such land subject to the exclusion will have a carryover basis for purposes of determining gain or loss.

Excludes from the gift tax transfers by gift of land subject to a conservation easement (other than development rights retained by the donor of such easement).

Removes the allowance for a tax deduction in the case of a contribution of property where mining rights are retained if the surface estate and mining interests were separated before June 13, 1976, and remain separated.