REP. MIKE THOMPSON INTRODUCES BILL TO CONSERVE AGRICULTURAL LANDS AND OPEN SPACES

251 Representatives support making the conservation easement incentive permanent

WASHINGTON, D.C. (May 26, 2011) – Congressmen Mike Thompson (D-CA) and Jim Gerlach (R-PA) introduced the Conservation Easement Incentive Act, landmark legislation that would provide family farmers, ranchers, and other moderate-income landowners with a permanent incentive to donate development rights to their land. By providing tax benefits to landowners who choose conservation, the bill would help preserve our nation’s cherished farm lands and open spaces for future generations. The bill has received broad bipartisan support in the House of Representatives, with 251 original co-sponsors...

Read more at:  Conservation Easement Incentive Act of 2011

Congress just renewed the enhanced tax incentive for conservation easement donations!

The incentive will be in effect through December 31, 2011 and be retroactive to January 1, 2010. The enhanced incentive, which applies to a landowner’s federal income tax:

• Raises the deduction a donor can take for donating a voluntary conservation agreement from 30% of their income in any year to 50%;
• Allows farmers and ranchers to deduct up to 100% of their income; and
• Increases the number of years over which a donor can take deductions from 6 to 16 years.

Read more at: www.lta.org/easementincentive.