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Gross Income

All income from whatever source derived, unless specifically excluded by law. It's the total income before any deductions or exemptions are taken into account for tax purposes.

Qualified Real Property Interest

Specific types of ownership or rights in land that qualify for the tax exclusion, including the entire property, a future ownership right, or a permanent restriction on how the land can be used (like an easement).

REPI Program

Stands for Readiness and Environmental Protection Integration Program. It's a Department of Defense initiative that partners with state and local governments and private conservation groups to protect military readiness and conserve land near military bases.

Internal Revenue Code of 1986

The main body of federal tax law in the United States, which the Internal Revenue Service (IRS) enforces.

Pass-through Entity

A business structure, like a partnership or an S corporation, where the income (or losses) are 'passed through' directly to the owners' personal income tax returns, rather than being taxed at the business level.

Qualified Organization

For the purpose of this bill, this refers to certain governmental units or publicly supported charitable organizations that are eligible to receive qualified real property interests.