This article is republished with permission from the January 2011 MassWoods update.
Congress recently renewed the enhanced tax deduction for conservation restriction donations through December 31, 2011!
This is a powerful tool for allowing modest-income donors to receive greater credit for donating a valuable conservation restriction on their property, but it’s only good for project completed in 2010 and 2011.
Specifically, the enhanced incentive:
- Raises the deduction a donor can take for donating a conservation restriction from 30 percent of his or her income in any year to 50 percent;
- Extends the carry-forward period for a donor to take tax deductions for a conservation restriction from 5 to 15 years; and
- Allows qualifying farmers to deduct up to 100 percent of their income.
- Learn more about conservation restrictions.
- Read stories of landowners who have used conservation restrictions to meet their goals.
- Learn more about the enhanced tax deduction for conservation restriction donation.