Federal conservation easements enable property owners to take a charitable deduction when they give up certain rights to develop land.Now, new legislation will curb the ability for some schemes to access those deductions. "It will drive a stake through the heart of this abuse," one expert says.
The $1.7 trillion federal spending bill includes a new change that will curb the abuse of tax incentives for land conservation. Pictured, Montana.The $1.7 trillion federal spending bill includes a new change that will curb the abuse of tax incentives for land conservation. Federal conservation easements enable property owners to take a charitable deduction when they give up certain rights to develop land. The incentives, which were made permanent by Congress in 2015, helps offset the owners' financial loss for other potential uses for the property.
However, misuse of those deductions has been a persistent problem, whereby groups of investors may obtain inflated land appraisals and receive higher tax deductions.
Source: Law Daily Report (lawdailyreport.net)
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