Conservation Tax Incentive ExtensionBy: Amos S. Eno
Posted on:05/27/2008 Updated:07/04/2010
When Congress comes back into session following the Memorial Day Recess, we should finally see passage of the 2008 Farmbill which contains a two year extension of the deductions for landowners on federal income tax. The Farmbill is the proverbial overstuffed sausage, and we had hoped the Congress would make permanent the Pension Act (August 2006), deductions for conservation easements that expired after 2007 on 1 January, 2008. Unfortunately Congress addded so many costly provisions to the bill that the conservation easement deductions wrere only extended for two years, but the new provision applies retroactively back to 1 January 2008 and runs throuhgh 31 December 2009.