Senate saves 2014 tax incentives for conservation

The Senate recently passed a last-minute measure that allows for tax deductions in 2014 to benefit conservation.

The provisions are:

  • Anyone that donates a conservation easement in 2014 may deduct 50% of their AGI per year for the year of donation and an additional 15 years, until they have deducted the full value of their donation.  Qualified farmers, ranchers and forestland owners may deduct 100% of their AGI.
  • S corporations may deduct the fair market value of their charitable contributions and are not limited to deducting no more than their basis in their S corporation stock.
  • Donors who are older than 70 1/2 may donate up to $100,000 to charity out of their IRA without paying taxes or penalties on the withdrawal.

The political landscape has shifted when it comes to tax incentives because of bipartisan fighting over tax cuts vs. spending.  Land conservation advocates are concerned that the current political climate threatens the industry’s capacity to work with smaller ranchers and landowners who need the conservation incentives to make their work affordable.

That’s a big deal for Texas where there is so much AG land that provides food for the country.  At least conservation groups have  this year to finish projects that are in the works.

 

Texas U.S. Senator John Cornyn needs to hear from you!

Perhaps more than in any other state, Texas prides itself on the private ownership of land.  This isn’t a state where the federal government will be coming in with a grand plan for a large National Park.

If we want to continue enjoying wide open spaces, however, and if we want our cash-strapped ranchers and farmers to be able to keep producing the food we eat, then something must happen to make sure that land conservation remains a reality here at home.

Our quality of life depends on it!

The enhanced tax incentive for land conservation is the predominant tool we have in Texas to conserve land.  We need your help to make sure it doesn’t go away.

You CAN help, and you can do it today.

The U.S. Senate leadership will soon be considering a bill that protects the charitable giving incentives that mean so much to all non-profits and makes the easement incentive for land conservation a permanent part of the tax code.   It passed in the U.S. House of Representatives with bi-partisan support!

Now is the time for Senator John Cornyn to know that this matters to you.  Only during the post-election “lame duck” session of Congress can this happen.  We only have until December 31st.

Please Contact Senator Cornyn today!  

Your message can be short and simple: “Senator Cornyn, land conservation matters to me as a resident of the great state of Texas.  Please vote “yes” in support of the easement incentive for land conservation.”

There are several ways you can make your voice heard:

Email Your Support Here:

http://www.cornyn.senate.gov/public/index.cfm?p=ContactForm

Call his North Texas office: 972-239-1310

Call his Washington, DC office : 202-224-2934

For more information about the tax incentive and other conservation issues, contact the Land Trust Alliance at www.lta.org.

 

Site last updated July 4, 2020 @ 9:37 am