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The legislation included a provision authored by Congressman Mike Thompson (D-CA) that will aid in the protection of thousands of acres of our nation’s shrinking agricultural lands and open space.
The provisions will allow landowners to get significant tax deductions if they place a conservation easement on their property.
These conservation easements allow property owners to continue using the land, while protecting the land from future development.
“Conservation easements make a big difference in our ability to preserve open spaces,” said Congressman Mike Thompson. “Since we improved this tax incentive two years ago, 535,000 more acres were put into trusts – that’s a 50-percent increase. Today’s vote means these incentives will be in place for another year, and I’ve introduced legislation to make these provisions permanent.”
When landowners donate a conservation easement, they maintain ownership and management of the land and can pass the land on to their heirs, while forgoing their rights to develop the land in the future.
Conservation easements have historically been an effective tool for protecting farmland and open space. The tax provisions allow property owners to get a deduction of up to 100 percent of their adjusted gross income for 15 years.
Congressman Thompson’s legislation to make these conservation easements permanent is H.R. 1831.
The bill currently has 262 cosponsors. This means the bill has the support of a majority of the House of Representatives – including majorities of both Democratic and Republican members.
Cosponsors are from every part of the country and from across the ideological spectrum, including a majority of both the Democratic and Republican members of the Ways and Means Committee.
The tax extenders package passed Wednesday by the House now moves to the Senate, where it is expected to be passed shortly and then signed into law by the president.
