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The American Jobs and Closing Tax Loopholes Act of 2010 bill was passed in the House of Representatives on May 28, 2010, and as of June 9, 2010 had been taken up by the Senate.
The Act extends the special rule regarding contributions of capital gain real property for conservation purposes for one year for contributions made in taxable years beginning before January 1, 2011.
Click here to read the section on Qualified conservation contributions.
The Farm Bill (H.R. 2419) which Congress enacted on May 22, 2008 includes a powerful tax incentive which has helped conserve over a half a million acres of natural areas, farms, and ranches across the US. The incentive had expired January 1st, but is now retroactive to the beginning of the year and will last through 2009.
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 5 to 15 succeeding years.
Here is an example of how these tax deductions can help.
Here is the IRS code (Internal Revenue Bulletin: 2007-25 ) for the extended tax provisions.
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 Introductory Articles
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- Conservation Easements on Land Need to be Thought Through
- Conservation Easements on Land Need to be Thought Through By Curtis Seltzer. BLUE GRASS, Va.About 10.6 million privately owned acres - an area about twice the size of Connecticut - now carry conservation easements. This land base is growing by more than one million acres annually. Almost 30 million mo ...
- Conservation Easements and the 2010 Roth Conversion
- Conservation Easements and the 2010 Roth Conversion A symbiotic relationship. By. ADAM MILLER. CFP® Adam is a CERTIFIED FINANCIAL PLANNER professional. As a trusted fiduciary and fee-only financial planner at Elderado Financial, he works passionately to help families and landowners preserve their wealth, pay less in ta ...
- Like-Kind Exchanges
- Like-Kind Exchanges. view the IRS Code Section 1031. Generally, if a landowner sells land, he will owe taxes on the amount he receives. But, by using a transaction known as a like-kind exchange, a landowner may be able to defer taxes if he exchanges one parcel of land for another. The two properties do ...
- Qualified Intermediaries
- Qualified Intermediaries. A qualified intermediary (QI) is a neutral party who may assist a landowner in facilitating a. like-kind exchange. The QI enters into a written agreement, known as the exchange agreement, with the landowner. Under the agreement, the QI acquires the landowner’s property from the landowner, ...
- NOW IS THE TIME TO DONATE A CONSERVATION EASEMENT: HOW THE NEW FEDERAL BENEFITS PUT EXTRA MONEY IN YOUR POCKET!
- NOW IS THE TIME TO DONATE A CONSERVATION EASEMENT: HOW THE NEW FEDERAL BENEFITS PUT EXTRA MONEY IN YOUR POCKET!In August 2006 Congress passed a bill that gave middle-class Americans and farmers a huge incentive to preserve their land with a conservation easement. Prior to the tax change, many Americans could n ...
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Articles for Professionals
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- Federal Estate and Gift Tax Consequences of Donated Term Conservation Easements
- LAND TRUST ALLIANCE Exchange Summer 2000 25 Term conservation easements are conservation easements that are not perpetual, but, rather, restrict the property for a term of years. After the term has expired, the conservation easement restrictions terminate and no longer affect the land. Term conserva ...
- Farm & Ranch Estate Planning
- Rally 2002 Session 4K Farm & Ranch Estate Planning Jeremiah P. Cosgrove Ryland Howard. 2002 FARM CONSERVATION TAX UPDATE By Jerry Cosgrove, Attorney, American Farmland Trust Co-author, Your Land is Your Legacy: A Guide to Planning for the Future of Your Farm n September 1999, American Farmland Trust published a ...
- Appraisals and Valuation
- Appraisals and Valuations - HOW THE GIFT IS VALUED. By: Stephen J. Small, Esq.. For purposes of the tax rules, the "value" of a property is equal to what it would sell for if it were put to the most valuable economic use that is possible under the circumstances. In many cases (though not all) with land t ...
- Estate Tax Incentive For Landowners
- AN IMPORTANT ESTATE TAX INCENTIVE FOR LANDOWNERS. By: Stephen J. Small, Esq.. In 1997, for the first time in more than a decade, Congress added to the law significant new tax incentives for voluntary land protection by private landowners.Let’s start with a few important observations. Every single conservation ea ...
- Estate Planning Opportunities
- Low Interest Rates Offer Estate Planning Opportunities By. James A. Houle, Esq.. Many of us have used the current low interest rates to save money by refinancing our homes and businesses. But attractive rates can also offer even better opportunities to save on gift and estate taxes, which now apply to tra ...
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2008 Farm Bill Tax provisions