mpugliese’s Recent Comments

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  Tax incentives for farmers

  I work for a land trust and wanted to point out one way that farmers can help offset their costs.  Tomorrow President Bush will be signing a bill that expands the federal tax deductions for conservation easements.  Land with conservation value, which includes family farms, can voluntarily restrict the future development rights of their property by placing a conservation easement on the property.  The conservation easement is usually held by a land trust (a non-profit conservation organization).  Until now, landowners whose property is restricted with a conservation easement could take a deduction equal to 30% of their adjusted gross income, and can carry that forward for 5 more years until they hit the value of the development rights they are giving up.  The new law will increase the deduction to 50% of their income and carry it forward for 15 more year.  AND for approved agricultural lands the owner could deduct 100% of their income and carry that forward for an additional 15 years!  This is a major advance in land conservation and especially a major financial benefit to farmers.  Perhaps it can help the plight of the local farmers. On Why "the market" alone can't save local agriculture posted 3 years, 3 months ago 9 Responses