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Farmers can now deduct up to 25% of their gross income for expenses incurred as a result of site and habitat improvement activities that will benefit endangered species on their farm land, in accordance with site specific management actions pursuant to the Endangered Species Act of 1976. These expenses will be treated the same as current laws that allow farmers to deduct the expenses for soil or water conservation or for the prevention of erosion of land used in farming. The deduction cannot be more than 25% of the gross income from farming. Any excess above 25% is deductible for succeeding taxable years, not to exceed 25 percent of that year's gross income. Conservation expenses for land in a foreign country do not qualify for this special treatment.
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Combining Land Conservation & Planned Giving Techniques