Dear Friends

Western Virginia Land Trust E-News

May 16, 2008

Conservation Tax Deduction Passes House, Senate
Two-year extension included in Farm Bill; enough votes to override Bush veto

Thanks to the hard work of WVLT supporters like yourself, Congress passed a new Farm Bill this week that extends the enhanced federal tax deduction for conservation easement donors for two more years. The Farm Bill passed with 81% of the vote in the Senate and 73% of the vote in House, meaning that even if President Bush vetoes the Farm Bill as expected, Congress has more than enough votes to override the veto. This is a tremendous victory for conservation, and helps ensure that the current interest in permanent, voluntary conservation easements will continue.

Among our western Virginia delegation, Senator Jim Webb, Senator John Warner, Congressman Rick Boucher, and Congressman Bob Goodlatte all voted in favor of the Farm Bill. Congressman Virgil Goode voted against it.

As you know, this deduction allows easement donors to deduct 50% of their adjusted gross income for up to 16 years. Qualifying farmers can deduct 100%. The old standard was just a 30% deduction for 6 years. The new, enhanced deduction allows our low-income landowners to take full advantage of their generous donation and not leave much-needed tax deductions on the table.

A special THANK YOU to everyone who has written to their elected officials over these past several months. Combined with conservation victories in the General Assembly and important local measures like the new Purchase of Development Rights program in Franklin County, we're all showing that our elected officials will listen to the people if we make our voices heard.