Land trust groups urge tax incentive renewal

Once Congress wraps up the health care reform debate, representatives of two land trust groups said Wednesday they want the Senate and House to turn to extending federal conservation tax incentives by Dec. 31. The current incentives expire this year and must be extended by year's end. The bill has 252 cosponsors in the 435-member House, while 34 of the 100 senators are cosponsors, he said. What's more, President Barack Obama supports reauthorization of the tax incentives, and President George W. Bush supported the initial legislation. Marx said the incentives enhance the opportunities for "land rich, cash poor" farmers and ranchers to obtain federal income tax benefits for placing land in conservation easements. These voluntary easements are agreements between a landowner and a land trust that generally limit residential development, protect open lands, manage forests and continue farm and ranch operations. Participants can deduct up to 100 percent of their adjusted gross income from their federal income taxes, and it extends the carry-forward period for the deductions to 16 years. Baucus, chairman of the Senate Finance Committee, is the sponsor of the bill as he was in 2006. Marx said the rate of private land conservation increased by 36 percent nationally during the first two years the tax incentives were in place...read more