Late last night the Senate passed the one-year extension of the 50+ "tax extenders."  This means that the land conservation incentive, which expired on January 1, 2014, will apply retroactively to January 1, 2014, and for the rest of calendar/tax year 2014.  The President is expected to sign the bill into law.

 

The incentive raises the deduction a landowner can take for donating a conservation easement from 30 percent of his or her income in any year to 50 percent. It allows qualifying farmers and ranchers to deduct up to 100 percent of their income. And it extends the carry-forward period for a donor to take tax deductions for a voluntary conservation agreement from five to 15 years.

 

It is important to note that the incentive only applies to easements donated between 2006 and Dec. 31, 2014. See the latest information HERE.

 

Please take a moment to thank Representatives Courtney, Esty and Larson who voted in favor of HB 5806 which would have made the easement incentive permanent.  This was a very difficult vote for lawmakers, many of whom would like to see this and other tax credits made permanent, but did not want to see just a few extended without many other worthwhile credits receiving the same consideration. Please also thank Senators Chris Murphy and Richard Blumenthal for voting in support of last night's bill. Senator Chris Murphy deserves special thanks for delivering his floor speech rallying support for the incentive.