Cultivation of Highly Erodible Lands and Wetlands Tax Act

[AI summary unavailable — showing source text] Cultivation of Highly Erodible Lands and Wetlands Tax Act - Amends the Internal Revenue Code to disallow any income tax credit or deduction (including any depreciation deduction) for any amounts paid or incurred on any property used in cultivating highly erodible land or wetland owned or leased by a taxpayer for the purpose of converting such land or wetland into cropland. Sets forth specified exceptions to such disallowance. Treats as ordinary income, rather than as capital gains, a specified portion of gain realized on the sale or disposition of highly erodible land or wetland cultivated by the taxpayer for the purpose of converting such land or wetland into cropland. Sets forth specified exceptions to such treatment.…