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Farm Policy Roundup –July 18, 2014

House Passes Permanent Enhanced Conservation Deduction

iStock_000000142578MediumThe U.S. House of Representatives passed H.R. 4719, a tax package to encourage charitable giving. Included in the bill were provisions of H.R. 2807, the Conservation Easement Incentive Act. Originally sponsored by Rep. Jim Gerlach (R-Pa.) and Rep. Mike Thompson (D-Calif.), H.R. 2807 would make permanent an enhanced conservation easement deduction for landowners donating conservation easements. The Conservation Easement Incentive Act had broad bi-partisan support in the House with 222 co-sponsors and the larger charitable tax package passed in the House by a vote of 277 to 130. Companion legislation to H.R. 2807, S. 526, is currently pending in the U.S. Senate where the next vote will occur in order for the enhanced deduction to become permanent.

American Farmland Trust continues to support the enhanced deduction as Congress considers “tax extenders” legislation. AFT is also pursuing broader tax reform, specifically changes to the estate tax that would benefit farmland conservation.
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