Tax Benefits
Latest Development in Tax Incentives for Conservation Easements
Federal Incentives: Congress extended, through December 31, 2009, the expanded tax benefits for qualified contributions of conservation easements from the Pension Act of 2006.
These expanded benefits:
- Allow a donor to deduct 50% of his or her Adjusted Gross Income in a year, with a carry-forward period of 15 years
- Allow qualified farmers and ranchers to deduct 100% of their Adjusted Gross Income, with a carry-forward period of 15 years
Congress is considering making these incentives permanent, but has not yet passed legislation to do so.
To learn more, please visit the Land Trust Alliance’s comprehensive page on federal tax incentives
State Incentives
Land protected by a conservation easement is eligible under Utah law, for property and estate tax purposes, to be taxed at the fair market value of the land after the easement is in place. This can be helpful for families with limited incomes and for estate planning purposes.
Latest News
CONGRESS SIGNS AN EXTENSION TO THE IRA CHARITABLE ROLLOVER
The IRA Charitable Rollover has been extended to December 31, 2011. This unique federal provision allows anyone 70.5 years or older to make an outright gift directly from their IRA to a qualified charity of up to $100,000 per year without paying income tax on the distribution. The extension is effective for both 2010 and 2011.
The extension includes a provision allowing a qualified charitable distribution made in January 2011 to be used to satisfy the taxpayer's minimum distribution requirement for 2010 and also qualify as a gift, up to $100,000, contributed for 2010. The donor may also elect to make a second gift in 2011 up to a maximum of $100,000.
Please don’t miss this time-sensitive opportunity! To find out more about it, please CLICK HERE!
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The extension includes a provision allowing a qualified charitable distribution made in January 2011 to be used to satisfy the taxpayer's minimum distribution requirement for 2010 and also qualify as a gift, up to $100,000, contributed for 2010. The donor may also elect to make a second gift in 2011 up to a maximum of $100,000.
Please don’t miss this time-sensitive opportunity. Please CLICK HERE for more information!