A bill to amend the Internal Revenue Code of 1986 to allow a deduction from the gross estate of a decedent in an amount equal to the value of real property subject to an endangered species conservation agreement.

Amends the Internal Revenue Code to allow a deduction from the value of the gross estate of a decedent of an amount equal to the adjusted value of real property included in a gross estate which is subject to an endangered species conservation agreement. Provides for recapture of the benefit in certain cases.