April 9, 2003, Washington, DC - The U.S. Senate passed conservation tax incentives today as part of a bill to aid charities. The CARE bill (S 476) includes four such incentives. The bill will need to be approved by the House of Representatives before it becomes law. Section 106 of the CARE package allows landowners who donate a conservation easement to a nonprofit organization or government agency - permanently limiting the amount of development - to deduct the value of their gift over 16 years rather than the six years previously permitted. The bill also increases the amount that can be deducted in any one year from the current 30 percent of the donor’s income to 50 percent, with provisions allowing farmers and ranchers to deduct all of their income under certain circumstances.
Land Conservation Strategies
