Senate Bill Extends Tax Breaks for Donated Land

Senate Finance Committee Chairman Max Baucus, D-Mont., and Sen. Chuck Grassley, R-Iowa, have introduced legislation that would permanently extend income tax relief for ranchers, farmers and other landowners who donate agricultural land for conservation. The Rural Heritage Conservation Extension Act of 2011 would permanently extend an increase in the maximum tax deduction for charitable contributions of conservation easements from 30 percent to 50 percent of adjusted gross income. The bill would further help farmers and ranchers by permanently extending the current law allowing a charitable deduction for up to 100 percent of AGI for their donations of conservation easements. Any unused deduction can be carried forward for up to 15 years. “This bill rewards ranchers and farmers in Montana and across the country who want to conserve our land and preserve open space for their kids and grandkids,” Baucus said in a statement. “...more