2. - Draft and enact comprehensive tax incentives legislation

Text from the Recreational Hunting and Wildlife Conservation Plan, 2008, Page 7

Several existing tax incentives fail to reach all potential beneficiaries because of various limits. A tax incentive bill should include provisions that:

  • Authorize permanently the conservation tax incentives, enacted for two years in the 2008 Farm Bill.
  • Expand the adjusted gross income (AGI) deductibility cap to 100 percent for donations of conservation easements on lands enrolled in state access programs; donations of access easements (long term) or agreements (short term) for hunting, fishing and other wildlife dependent recreational activities; and other hunting-related land uses not covered by existing policy.
  • Classify lands used as hunting and fishing leases and clubs in the same manner as working farms and ranches to allow them to qualify for the current 100 percent AGI deduction allowance.
  • Increase the carry forward period from five to fifteen years for donations of access easements for hunting, fishing, and other wildlife dependent recreational activities, thereby providing a more valuable tax cut for landowners.
  • Replace the requirement for biweekly reports of excise tax from sporting arms and ammunition with a quarterly schedule consistent with other estimated tax payments.
  • Establish a more consistent approach for valuing land associated with tax breaks. For example: a wetlands area of high conservation value may be deemed “worthless” for real-estate development and therefore unrecognized by the Internal Revenue Service (IRS) as the basis for tax incentive.

Assessment of Status: Partially Complete

Some of the provisions outlined in this action, such as updating the FAET, have been completed. Others, such as permanently authorizing conservation tax incentives, are partially complete and there are additional provisions in which no action has been taken.

Supporting documentation and findings

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