Western Virginia Land Trust E-Ne

Western Virginia Land Trust E-News

March 14, 2007

HR 1576 Introduced in House

More good news on the Federal conservation tax incentive front--a bill to make the current tax incentives permanent, HR 1576, has been introduced in the U.S. House of Representatives. As you know, these enhanced federal tax incentives for conservation have helped fuel the recent boom in interest in conservation easements, but are set to expire Dec. 31, 2007 (see more information at right). The House bill is sponsored by Representatives Mike Thompson (D-CA) and Dave Camp (R-MI) and has 22 co-sponsors. It is a companion to the current legislation under debate in the Senate, S.469. Senator John Warner from Virginia is a co-sponsor of S.469.

Without these tax incentives, many landowners will simply not be able to afford to place conservation easements on their properties. We encourage you to contact your Congressman and ask him to join as a co-sponsor of HR 1576.

Congressman Rick Boucher (VA 9th) (click to e-mail)
106 North Washington
Pulaski, Virginia 24301
(540) 980-4310

Congressman Virgil Goode (VA 5th) (click to e-mail)
70 East Court St., Suite 215
Rocky Mount, VA 24151
(540) 484-1254
(540) 484-1459 fax

Congressman Bob Goodlatte (VA 6th) (click to e-mail)
10 Franklin Road, SE Suite 540
Roanoke, VA 24011
(540) 857-2672
(540) 857-2675 fax

If you've not already done so, please contact Senator Jim Webb to encourage him to co-sponsor S.469, and thank Senator Warner for his support.

Senator John Warner (click to e-mail)
1003 First Union Bank Building
213 South Jefferson Street
Roanoke, VA 24011
Phone: (540) 857-2676
Fax: (540) 857-2800

Senator Jim Webb (click to e-mail)
3140 Chaparral Drive Building C, Suite 101
Roanoke, VA 24018
Phone: (540) 772-4236
Fax: (540) 772-6870

For more information on these issues, contact WVLT at (540) 985-0000 or by e-mail at rholnback@westernvirginialandtrust.org or dperry@westernvirginialandtrust.org.

Background Info on Federal Income Tax Deductions

As you may know, in 2006, Congress passed legislation providing increased tax incentives for landowners who place conservation easements on their properties. (Read more from the Wall Street Journal) The legislation:

increases the federal deduction for donating an easement from 30% to 50% of adjusted gross income
allows farmers to deduct 100% of adjusted gross income
and extends the time frame to use the federal deduction from 5 to 15 years

These incentives have been a boon for conservation here in Virginia and across the country. However, these tax benefits are set to expire on Dec. 31, 2007, unless Congress acts. Fortunately, Senators Max Baucus (D-Montana) and Charles Grassley (R-Iowa) have introduced Senate bill 469, legislation to make these tax incentives permanent, and new legislation has just been introduced in the House, HR 1576.

John Deere's The Furrow Magazine Features Conservation Easements

The cover story in this month's The Furrow magazine, published by John Deere, is on conservation easements and the vital role they play in preserving viable family farms. Quotable:

"If someone hands you money to not do something that really shouldn't be done anyway, it's a no-brainer"

"People say once you sign (an easement), it's all over. Well, once you sell the land for development, it's all over too."

To read the entire article, follow this link: The Furrow Magazine