Easement Tax Incentive Enhancements Renewed!
Congress Renews Enhanced Tax Incentives for Conservation and Preservation Easements
In 2006 Congress enacted many reasonable reforms to help prevent abuses of easement donations. In addition to these reforms, Congress also provided enhanced tax incentives to encourage donations of preservation and conservation easements. The legislation (H.R. 4853) recently passed by Congress and signed by President Obama on December 17, 2010 makes these enhancements retroactive to January 1, 2010 and the enhancements will be in effect through December 31, 2011.
The renewed enhanced tax incentives:
Raise the income tax deduction landowners can take for donating a conservation and preservation easement from 30% of their income in any year to 50%;
Allows farmers and ranchers to deduct up to 100% of their income; and
Increases the number of years over which a donor can take deductions from 6 to 16 years.
Conservation and Preservation groups will focus on making these incentives permanent.
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