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CONSERVATION EASEMENT DEDUCTIONS & LAND DONATIONS UNDER ATTACK: Join the Fight to Stop the Proposals On January 27, 2005, a report released by the Congressional Joint Committee on Taxation shocked the land trust community by proposing major decreases in the federal tax deductions for conservation easements, land donations and bargain sales. The proposal, if adopted, would end the work of the Mendon Foundation as we know it. The Land Trust Alliance (LTA) and the Mendon Foundation are engaged in a vigorous response, working with a coalition of national conservation leaders and allies. But to succeed, we need the help of every friend, Foundation member and board member. The New Tax Proposals The Joint Committee has proposed that deductions for conservation easements be limited to 33% of appraised value. No deduction will be allowed for the donation of an easement on land used for a personal residence. The Committee also proposes changing the deductions associated with donations or bargain sales of land by limiting such donations to the owner’s “basis”—that is, the cost of the land plus any capital improvements made over the years. The Impact on Land Trusts If enacted, these proposals would severely set back our conservation work. Saving land is often the primary motivation for donating a conservation easement or land donation. Having tax deductions enable many more people to donate since most of this country’s open space is privately owned. Please Help Today You must act today, because our organization depends on the tax incentives the Joint Committee on taxation has attacked. Letters to our US Senator on the Finance Committee asking him to help in fighting these proposals are essential. Our local opinion does count. Draft letters and more information—including how to email or write our elected officials are on the LTA Web Site at www.lta.org. Go to the Congressional Action Center Section .. Tools for Action.
You can also make a gift to the Mendon Foundation to turn back these harmful changes in tax law and instead maintain momentum on positive reforms for land trusts.
For more information, go to http://www.lta.org/publicpolicy/ppc.htm |
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