New tax law for 2007 expands incentives for land owners wishing to apply conservation easements to their property.
If you were wondering whether a conservation easement might be right for you, this new bill which  was signed into law Aug. 17, 2006, could be worth looking at. In a nutshell, the new version : 1) Raises the deduction a donor can take for donating a conservation easement from 30 percent of his or her income to 50 percent.
2)Allows qualifying farmers to deduct up to 100 percent of their income; and
3) Extends the carry-forward  period for a donor to take tax deductions for a voluntary conservation agreement from 5 to 15 years.
Conservation easements preserve open space permanently as scenic landscape, watershed or wildlife habitat from other development. The landowner retains ownership of  the land and can  continue to farm or manage the property within the framework of the conservation aspects of the agreement.
If you own land and it is important to you that it remain undeveloped, it is essential that you take steps to place legal protections that will last long into the future. Conservation easements provide that opportunity, and the government encourages conservation through real tax saving incentives.
Although conservation easements have been around for many years, the expanded incentives outlined above, (1 through 3) apply to donations in 2007 only. Consider protecting your land now.
For more information, go to www.lta.org/publicpolicy/tax_incentives_updates.htm