Congress Extends Expanded Federal Tax Incentives for Conservation Easements
In late May, Congress overrode a Presidential veto to pass the Farm Bill. Included in the massive bill was an extension of the expanded federal tax incentives for donated conservation easements through the end of 2009 and retroactive to January 1, 2008. The expanded federal tax incentives:
- Raises the deduction a landowner can take on the value of their donated conservation easement from 30% of their income in any year to 50%;
- Allows qualifying farmers and ranchers to deduct up to 100% of their income on the value of the easement; and
- Extends the carry-forward period for a donor to take the tax deductions for a voluntary conservation easement from 5 to 15 years.
The extended federal tax incentives (initially passed in late 2006) enabled Tall Timbers Land Conservancy to triple the amount land that it saved in 2007 as easement donors responded enthusiastically to the new incentives. Voting in support of the 2008 Farm Bill were US Senators Bill Nelson (D-FL), Mel Martinez (R-FL), Saxby Chambliss (R-GA), and Johnny Isakson (R-GA) and US Representatives Allen Boyd (D-FL) and Sanford Bishop (D-GA). Tall Timbers will continue to work with Congressional leaders and the Land Trust Alliance to make these incentives permanent. For more information, please contact Kevin McGorty at firstname.lastname@example.org or (850) 893-4153 x 238.
The Whelchel family donated a 600-acre conservation easement to Tall Timbers in 2007 for their beautiful Rocky Ford property in Colquitt County, Georgia.