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Federal Tax Incentives
Great news for conservation! The U.S. Senate
and House of Representatives approved a tremendous expansion of
the federal tax incentive for conservation easement donations!
Congress passed the pensions bill with the tax incentives included
in the language. On August 17, the President
signed it into law.
The new law:
• Raises the deduction a landowner can take for donating a
conservation easement from 30% of their income in any year to 50%;
• Allows qualifying farmers and ranchers
to deduct up to 100% of their income; and
• Increases the number of years over which
a donor can take those deductions from 6 years to 16 years.
It is important to note that this only applies
to easements donated in 2006 and 2007. Read
more about a new bill
to make these expanded tax incentive for conservation easement
donations permanent.
The bill also includes sensible reforms that affect
the appraisal process for all donated property and tighten the rules
for easements on historic buildings. All land trusts should make
sure the appraisers they and their donors work with know about the
new rules.
To
learn more about this issue, visit the Land Trust Alliance's policy
website.
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