Important Tax Benefits Update
Significant New Federal Tax Incentives Approved for Conservation Easement Donations
On August 17, 2006 President Bush signed into law significant new tax incentives for conservation easement donations. The new law:
Clearly, this law provides substantial new tax incentives to landowners who wish to protect land. It is important to remember that every conservation agreement donation must meet the requirements of Section 170(h) of the tax code and every deduction must be based on a thorough, honest, realistic, and clear appraisal based on existing market conditions and a supportable analysis of land use possibilities.
The new tax incentives only apply to conservation agreement donations made in 2006 and 2007! Land trusts will urge Congress to extend these tax benefits, but if that doesn't occur, these incentives will expire January 1, 2008.
The Land Trust Alliance has detailed information about the bill and the new tax incentives at www.lta.org. For more information on how these new tax benefits would apply to you when placing an easement on your property, please contact Kevin Redding or Michele D'Hemecourt.
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