Tax incentives as conservation tools
One of the most important tools for conservation is the tax deduction available for land owners who donate the value of conservation easements that permanently protect protect their land under that conservation easement.
The deduction is set to expire at the end of the year.
The Conservation Easement Incentive Act
On March 31, Representatives Thompson (D-CA) and Cantor (R-VA) introduced the Conservation Easement Incentive Act, H.R. 1831, making this valuable conservation tool permanent.
Donating a conservation easement is a big financial decision for many landowners. Under current law conservation easement donors can:
• Deduct up to 50% of their adjusted gross income in any year;
• Deduct up to 100% of their adjusted gross income if the majority of that income came from farming, ranching or forestry; and
• Continue to take deductions for as long as 16 years.
Making the conservation easement incentive permanent will help working lands stay working lands and provide important conservation benefits for everyone.