| Tax Benefits of Conservation
 NYS Property Tax Credit for conserved lands:
Landowners who donate all, or a portion (via a bargain sale) of their development rights are also eligible for a New York State conservation easement tax credit that helps offset property taxes paid on land protected by an easement. The Conservation Easement Tax Credit reimburses a portion of the property taxes paid on land under the conservation easement. The NYS Conservation Easement Tax Credit runs with the deed, so all future landowners will be eligible to receive it. This can help offset the increasing costs of land ownership in New York. For Frequently Asked Questions about this credit, read the Land Trust Alliance’s Guide for Landowners and Land Trusts.
Reducing Federal and State Income Taxes with Conservation:
Federal charitable tax deductions have recently been expanded for qualified farmers, with up to a 100% or 50% deduction each year (depending on how you qualify) of the value of your agricultural conservation easement against your adjusted gross income. There is currently a 15-year carry forward for the value of the donation. Click here for additional information.
|
