New Federal Law Gives Fairer Tax Benefit for Voluntary Conservation Agreements

Generous landowners who donate voluntary conservation agreements, also known as conservation easements, to the Nassau Land Trust are inspired by many things: they love Long Island, they feel connected to their land, and they wish to leave a legacy for future generations. This inspiration is at the heart of our work to permanently protect Nassau County's remaining open spaces. Donating a conservation easement, however, is also a major financial decision. The federal income tax deduction that accompanies most donations helps make easements possible for landowners in our community.

In May 2008, Congress passed a law extending for two years tax benefits for protecting private land which had expired at the end of 2007. The legislation improves the tax incentive for conservation easements by allowing conservation easement donors to:

• Deduct up to 50% of their adjusted gross income in any year (up from 30%);
• Deduct up to 100% of their adjusted gross income if the majority of that income came from farming, ranching, or forestry; and
• Continue to take deductions for as long as 16 years (up from 6 years).

Congress also passed tighter appraisal standards for such gifts, and stronger penalties for appraisers who violate the standards.

The Land Trust Alliance led a coalition of more than 50 groups in urging Congress to approve this new law. The Alliance is a national organization that sets national standards for conservation organizations like ours, provides training and networking opportunities, and represents the land trust community in Washington, DC. The Nassau Land Trust is an Alliance member.

Nassau County's four members of the House of Representatives — Gary Ackerman, Steve Israel, Peter King, and Carolyn McCarthy — have been strong advocates of this effort, as co-sponsors of the original legislation for the tax incentive extension. We thank them for their help in supporting conservation donors.

Each day we are touched by the generous and inspired landowners who work with us. The new law will make it easier for others in our community to build on their love of the land and permanently protect Nassau County's cherished open spaces and the quality of life they represent.

To learn more about these new developments, contact us at info@nassaulandtrust.org or (888) 547-5757, or visit www.LandTrustAlliance.org.