Senate Finance Committee approves conservation tax incentives. (Citizen-Board Member Branch).The U.S. Senate Finance Committee passed tax legislation in February that includes incentives for landowners interested in conservation sales or donations. Two land conservation provisions were included as part of the Charity Aid, Recovery and Empowerment (CARE) Act. The CARE Act was also approved by the committee last year, but didn't reach the Senate floor before adjournment A putting off or postponing of proceedings; an ending or dismissal of further business by a court, legislature, or public official—either temporarily or permanently. of the 107th Congress. If enacted into law, the legislation would permit landowners to exclude from income 25 percent of the gain on sales of land or easements EASEMENTS, estates. An easement is defined to be a liberty privilege or advantage, which one man may have in the lands of another, without profit; it may arise by deed or prescription. Vide 1 Serg. & Rawle 298; 5 Barn. & Cr. 221; 3 Barn. & Cr. 339; 3 Bing. R. 118; 3 McCord, R. made for conservation purposes. In addition, donors of conservation easements would be able to deduct de·duct v. de·duct·ed, de·duct·ing, de·ducts v.tr. 1. To take away (a quantity) from another; subtract. 2. To derive by deduction; deduce. v.intr. the value of their donation up to 50 percent of adjusted gross income with unlimited carryover carryover n. in taxation accounting, using a tax year's deductions, business losses or credits to apply to the following year's tax return to reduce the tax liability. (See: carryback) . The bill awaits consideration by the full Senate, which could come any time. This legislation will be a great vehicle for community groups to recruit donations for conservation and easements. |
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