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For information on the protection of property in Anson, Montgomery, Randolph, Richmond, and Stanly counties,
contact Kevin Redding.

 



9/5/2006
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:

  • Raises the deduction a landowner can take for donating a conservation agreement from 30% of their adjusted gross income in any year to 50%;

  • Allows qualifying farmers and ranchers to deduct up to 100% of their adjusted gross income; and

  • Increases the number of years over which a conservation easement donor can take those deductions from 6 to 16 years.

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.

Contact Information:
Phone: 704-647-0302

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© 2006 | The LandTrust for Central North Carolina     PO Box 4284 Salisbury, NC 28145
Physical Address: 215 Depot Street Salisbury, NC 28144 PH 704.647.0302

Contact The LandTrust for Central NC at landtrust@landtrustcnc.org