S.50 - Federal Government - A bill to amend the Internal Revenue Code of 1986 to provide economic incentives for the preservation of open space and conservation of natural resources, and for other purposes.

Paul Coverdell Homestead Open Space Preservation and Conservation Act of 2006 (sic) - Amends the Internal Revenue Code to allow certain tax-exempt conservation organizations a tax credit for expenditures to acquire and maintain real property interests exclusively for conservation purposes.