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Congress has restored the enhanced tax benefits that are available to donors of conservation easements, although getting to the bottom of the situation in Washington can be confusing.The most important thing to know is that the enhanced benefits raise the deduction a donor can take for donating a conservation easement from 30% of their income in any year to 50%; and increase the number of years over which a donor can take deductions from 6 to 16 years.
That had been the case for two years, but the enhanced benefits expired at the end of 2007. Anyone who completed a conservation easement during the five months of so that the law was expired will be eligible for the enhanced benefits.
That's the simple part. The confusing part is this: the conservation easement benefits were included in the Farm Bill, which has received plenty of publicity in recent weeks for reasons having nothing to do with conservation easements.
President Bush vetoed the Farm Bill, but Congress had the votes to override the veto, and did so.
It was discovered, however, that the bill Congress passed and the president vetoed was missing about 34 pages, again none of which had anything to do with conservation easements.
Many people in Washington believe that except for the missing pages, the law has been enacted. But to be sure, Congress is planning to pass the entire Farm Bill again, at which point the president is expected to veto it again, and Congress is planning to override the veto.
Confused about the status of the law? That's Washington. There's no need to be confused about conservation easements, though. This press release from the Land Trust Alliance is a start. And if you want more information about easements and their tax benefits, we can help. Call Eileen Goren, our director of conservation outreach, at 914 241 6346 x17.