Oct 8, 2007
Conservation easements
Tax incentives expire soon
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Landowners who are considering establishing conservation easements on some of their land are advised to act before the end of the year in order to qualify for increased federal tax incentives.
Bruce LePage, executive director of Aspetuck Land Trust (ALT), announced that the law passed by Congress last year approving a “tremendous expansion” of the federal tax incentives for conservation easement donations expires on Dec. 31.
The new law, Mr. LePage explained, “raises the deduction landowners receive for such donations from 30% of their adjusted gross income to 50% and extends the carry forward period for donors to take tax deductions for voluntary conservation easements from six to 16 years. In addition, it allows qualifying farmers and ranchers to deduct up to 100% of their income,” he added.
Mr. LePage warned, however, that the increased tax incentives apply only to easements donated in 2006 and 2007. He pointed out that this legislation applies to donations of easements only, not to land donations.
“ALT and other land trusts throughout the country are working to make these increased tax incentives permanent,” he added.
Those who have questions about the new regulations may phone Mr. LePage at 372-2785.
Aspetuck Land Trust is a nonprofit organization dedicated to preserving and maintaining open space in Weston, Easton, Fairfield, and Westport. Since its founding in 1966, the trust has preserved for public recreational use nearly 2,000 acres of land in the four towns.
For more information, visit www.aspetucklandtrust.org.
© Copyright 2008 by Hersam Acorn Newspapers
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