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Federal Tax Incentives Great
news for conservation! On January 31, 2007, Senator Max Baucus (D-MT)
introduced S.
469, a bill that would make the newly expanded tax incentive
for conservation easement donations permanent. Senator Charles Grassley
(R-IA) co-sponsored the bill.
On February 5, President Bush released his FY
2008 budget - and it, too, will include a provision to make the
tax incentive permanent. See the Cooperative
Conservation Task Force's latest news release (PDF, 229KB).
The bill permanently extends the tax incentive
for conservation easement donations passed by Congress in late
2006. This incentive:
* 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
* Extends the carry-forward period
for a donor to take tax deductions for a voluntary conservation
agreement from 5 to 15 years.
Currently, the 2006 law will expire
at the end of this year. S. 469 would prevent that, and permanently
ensure donations of conservation easements are a possibility for
modest income level landowners.
To
learn more about this issue, visit the Land Trust Alliance's policy
website.
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