Tax Crisis Looms for High-Income Earners and High Net-Worth Individuals: Critical Tax Incentive Legislation for Conservation Easements Up for Vote

Vero Beach, FL (PRWEB) July 14, 2014

“While this sounds like a conflicted mix of constituencies that might generally be at odds with one another,” says Phair, “the fact is, there is much at stake in the way of land preservation for farmers, ranchers and conservationists along with high-income earning Americas all of whose interests remarkably align to produce a win-win for Americans and land-owners across the country.”

Without the enhanced easement incentive, an agricultural landowner earning $50,000 a year who donated a conservation easement worth $1 million could take a total of no more than $90,000 in tax deductions! Under the enhanced incentive, that landowner can take as much as $800,000 in tax deductions – still less than the full value of their donation, but a significant increase.

Donating development rights to land – often a family’s most valuable asset – requires careful planning and consideration. It often takes years from the initial conversations with a landowner before a conservation easement is executed. Landowners considering a perpetual commitment of their land should not be pressured by an artificial deadline, and many will never begin the process without the reassurance of a permanent incentive.

About Tax Saving Professionals