| CONGRESS IS HELPING FARMERS AND RANCHERS PROTECT THEIR LAND.
The newly passed Pension Reform bill helps family farmers, ranchers, and other moderate-income landowners get a significant tax benefit for making the charitable donation of a conservation easement, restricting future development of their land to protect an important public resource.
The conservation tax incentive, in place for 26 years, has been adjusted to:
- Raise the maximum deduction a donor can take for donating a conservation easement from 30% of adjusted gross income (AGI) in any year to 50%;
- Allow farmers and ranchers to deduct up to 100% of AGI; and
- Extend the carry-forward period for a donor to take tax deductions for a voluntary conservation agreement from 5 to 15 years.
The adjusted conservation tax incentives helps Americans who want to pass their working family farms and ranches on to their children and grandchildren.
For more details and resources please visit our tax incentive update home page.
CONGRESS, THE IRS AND THE PRIVATE SECTOR HAVE ALL TAKEN ACTION TO BUILD PUBLIC CONFIDENCE IN PRIVATE LAND CONSERVATION.
Congress has enacted a land conservation reform package that includes adoption of uniform land appraisal standards and strong penalties for appraisers who fail to follow those standards.
The IRS has created a task force to focus on enforcement and prevention of abuses, while supporting legitimate conservation by private landowners.
The Land
Trust Alliance, which represents more than 1,600 conservation
groups across America, is implementing a training and accreditation
program based on the highest legal and ethical standards.
Private sector accreditation will provide a seal of approval
for land trusts.
AMERICA NEEDS VOLUNTARY, PRIVATE LAND CONSERVATION.
By protecting private property for public benefit, private landowners play an important part in preserving America’s natural heritage for future generations.
Voluntary conservation agreements, known as conservation easements, protect working farms and ranches and allow families to leave the land to their children.
Voluntary conservation agreements respect private property rights while providing the public benefit of protecting America’s natural heritage.
Private conservation donations have resulted in millions of acres being protected for farming, ranching, forestry, hunting and fishing.
Voluntary conservation donations give individuals a choice about how best to conserve clean water, natural areas and traditional ways of life that are important to them.
Voluntary conservation agreements keep land on the tax rolls, preserving revenue for local schools and providing cost-effective, non-regulatory conservation.
Want to know more? Visit the Tax Incentive Update page in the Public Policy section of our website.
posted 10/6/2006
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