Endangered Species Habitat Protection Act of 1997

Endangered Species Habitat Protection Act of 1997 - Amends the Internal Revenue Code to allow a tax credit with respect to land for which there is an endangered species conservation agreement in effect.

Allows a deduction for the donation of property as a conservation easement. Provides for the valuation of the property.

Allows a deduction for certain State and local real property taxes with respect to land for which there is an endangered species conservation agreement in effect.

Requires that the value of a taxable estate be determined by deducting from the value of the gross estate an amount equal to the adjusted value of real property included in the gross estate which is subject to an endangered species conservation agreement. Provides for recapture in certain cases.

Excludes from gross income 75 percent of any gain from the sale of any land to a conservation purchaser if certain requirements are met. Defines "conservation purchaser" as: (1) any agency of the United States or of any State or local government; and (2) any qualified organization.

Prohibits any agency action affecting privately owned property which results in the diminishment of the value of any portion of that property by 30 percent or more unless compensation is offered.