VOLUME 13 ISSUE 1 SPRING 2013
“The land is the only thing in the world worth working for…because it’s the only thing that lasts.” – Gerald O’Hara, Gone With the Wind Congress Extends Tax Incentives for Conservation Easements If you’ve attended Field Day at Five Eagles Partners Farm near Rocky Point, you’ve toured a mosaic of cleared and cultivated fields, ponds and wetlands, and hardwood forests and swamps. You may have been fortunate to sight a bald eagle, hear the rush of a covey of quail, or caught a glimpse of deer and other wildlife. And you’ve certainly been entertained by Labrador retrievers, meeting their marks and demonstrating their ability to retrieve on land and in water.
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Mary An
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John Thomas, patriarch of the family that owns Five Eagle Partners Farm, had been managing his property to enhance its wildlife habitat for years when his Greensboro attorney first called the Coastal Land Trust in 1999. Mr. Thomas was committed to conservation for the long term. After a series of meetings with the Land Trust, and after consulting with their own attorneys and accountants, the Thomas family decided to place a conservation easement on Five Eagles Partners Farm. The decision to donate a conservation easement over land means giving up development rights, which generally make up a good part of any property’s intrinsic value. Congress has long recognized the wisdom in providing incentives to landowners for such “good works”, and has allowed donors of conservation easements to claim a federal income tax contribution for such gifts. This spring, there’s some very good news for owners of land who may be considering donating a conservation easement. Congress has voted to extend enhanced tax incentives for conservation easements: donors can apply their deduction to more of their income (generally up to 50%) and they can use or carry over their deductions longer (up 16 years). (Please visit www.lta.org for more information about the new law.) These new incentives are effective for qualified conservation easement donations made by December 31, 2013, and will make conservation easement donations more attractive to modest-income land owners.
John Thomas
We’re grateful for the vision that Mr. Thomas had when he and his family placed their land in a conservation easement; and we’re hoping that these new incentives might inspire other landowners to consult with their tax advisors and then give us a call!
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Photos courtesy of Crystal Clear Photography
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