Text from the Recreational Hunting and Wildlife Conservation Plan, 2008, Page 7
Congress recently reached agreement on legislation to avoid the “fiscal cliff.” The legislation renews the enhanced incentive for conservation easements for 2013 and retroactively for 2012. This incentive will help land trusts work with farmers, ranchers and other modest-income landowners to increase the pace of conservation by about a third. Legislation will soon be introduced in the 113th Congress to permanently authorize these expanded deductions.
Note: The deal also leaves the charitable deduction largely intact for now, but with limits for higher-income donors. It does, however, bring back the “Pease Amendment,” which gradually reduces the value of itemized deductions against income exceeding $250,000 (or $300,000 for couples, up from $145,950 when it was last in effect). The IRA Charitable Rollover, S-Corporation donation incentive, and Rum cover-over tax (supports conservation in Puerto Rico) will also be extended for 2012 and 2013. Deductions could be at risk again as Congress faces the debt limit and sequestration in the months ahead.