Public Policy
Breaking News: Congress Renews Tax Incentive to Increase the Pace of Conservation!
May 22, 2008
WASHINGTON, D.C. — Today Congress enacted a Farm Bill that renews a powerful tax incentive which has helped to conserve a million or more acres of farms, ranches and natural areas across the US. The incentive had expired January 1st, but is now retroactive to the beginning of the year and will last through 2009.
A broad coalition representing sportsmen, outdoors enthusiasts, farmers, ranchers and national conservation groups, embraced the measure. Rand Wentworth, president of the Land Trust Alliance, said "This renewed tax incentive for donations of conservation easements is one of the best things Congress could do this year to help landowners choose the conservation option over sprawl. Especially for family farmers and ranchers of modest income, this is a great way to help them keep productive agricultural land from being lost."
The incentive, which applies to a landowner's federal income tax, will:
- Raise the deduction a donor can take for donating a voluntary conservation agreement from 30% of their income in any year to 50%;
- Allow farmers and ranchers to deduct up to 100% of their income; and
- Increase the number of years over which a donor can take deductions from 6 to 16 years.
Landowner donations to conservation organizations known as land trusts have resulted in millions of acres of working lands and natural areas being conserved for the future. According to the Alliance, many conservation groups reported an annual doubling of the number of conservation agreements completed in 2007, in response to the same incentive that had expired in January. Land trusts in America have together saved more than 36 million acres from development, an area the size of New England. Full Release
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 Other Recent News
5/22/08 Conservation Tax Incentive Extended! Thank You!
It’s official! The conservation tax incentive has been extended through the end of 2009, and retroactive to January 1. Yesterday Congress overrode a Presidential veto to pass the Food, Conservation and Energy Act of 2008. In addition to renewing the easement incentive, this bill:
- Provides a total of $733 million over 5 years for the Farmland Protection Program.
- Re-establishes the Grassland Reserve Program with a goal of 1.22 million acres, funded with an estimated $300 million.
Thank you for making this victory possible! Now, we need your help thanking everybody else who lent a hand. More
2/13/08 Support the Conservation Programs in the Farm Bill
Your support over the next two weeks will be critical to securing a permanent extension of the tax incentive for conservation easement donations! That incentive expired December 31st, but the Senate Farm Bill includes a permanent extension of the incentive. Call your Representatives and tell them how important these provisions are to conservation in your community and to include the conservation easement incentive and provide at least $5 billion in increased funding for conservation programs in the final Farm Bill. Find out more and how you can help.
See background, frequently asked questions, and resources on the tax incentive
1/22/08 New Filing Requirement for Small Land Trusts!
Beginning in 2008, small tax-exempt organizations will have a new filing requirement. It’s short, easy and electronic – it’s the new e-Postcard (also called the Form 990-N).
If you are a tax-exempt organization that normally has annual gross receipts of $25,000 or less and thus does not have to file Form 990 or 990-EZ, you now must file the e-Postcard. The e-Postcard is due by the 15th day of the fifth month after the close of your tax year. So if your organization operates on a calendar year, the e-Postcard is due by May 15 of the following year.Nonprofits that do not file risk losing their tax-exempt status.
If you think this new filing requirement may apply to your organization, go to http://www.irs.gov/charities/index.html for complete details.
For questions or more information, please contact policy@lta.org |
