H.R.2423: To amend the Internal Revenue Code of 1986 to provide an estate tax credit with respect to property managed according to certain habitat conservation agreements, to provide a credit for certain conservation expenses, and to exclude from income amounts received from others to pay for such expenses.

Amends the Internal Revenue Code to permit an executor to exclude from the value of the gross estate an amount equal to the value of the qualified real property of the decedent which is maintained in accordance with habitat conservation concerns, if the executor files a habitat conservation agreement. Provides for recapture if: (1) an owner dispenses of any interest in the property; or (2) there is a material breach or termination by an owner...

(Source: Library of Congress)