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AB 177 – Creation of a Stewardship Fund
Trust Fund
This bill creates an individual income and corporate income and franchise tax
subtract modification, or deduction, for the fair market value (FMV) of a permanent
conservation easement on eligible land that a taxpayer donates to the state or to a
county. Under the bill, for a conservation easement to qualify, it must allow the
occurrence of hunting, fishing, hiking, sight-seeing, cross-country skiing, and
generally accepted forestry management practices and, in general, preclude
development of the land.
The maximum deduction, based on the FMV of the donated conservation
easement, that may be claimed is an amount of up to 50 percent of the taxpayerös
federal adjusted gross income (FAGI) or, if the taxpayer is a farmer or rancher, up to
100 percent of the taxpayerös FAGI. If the FMV of the claimantös donation exceeds
the maximum allowable amount of the claimantös deduction, the claimant may carry
forward any unused amount of the deduction for the next 15 taxable years.
Because this bill relates to an exemption from state or local taxes, it may be
referred to the Joint Survey Committee on Tax Exemptions for a report to be printed
as an appendix to the bill.
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