A bill to amend the Tax Reform Act of 1976 to delay the termination date for deductions for certain transfers of property for conservation purposes, and to amend the Internal Revenue Code of 1954 to limit the recapture of amortization deductions for certain rehabilitation expenditures for certified historic structures to the extent that the deductions exceed otherwise allowable straight line depreciation.

Amends the Internal Revenue Code to postpone, from June 14, 1977 to June 14, 1981, the termination date for deductions on transfers of partial interests in property for conservation purposes. Decreases the percentage of the gain from the sale of certified historic structures which is treated as ordinary income rather than capital gain when the special deduction for amortization has been taken for such structures.