Farm Bureau Warns Proposed IRS Rule Would Deter Some from Conserving Land
The American Farm Bureau is recommending the IRS change a proposed amendment to the tax code because it threatens the viability of key programs that work to preserve farmland and open space. The proposed changes, under section 170 of the tax code, would reduce the federal charitable deduction for a donated conservation easement by the amount of a state tax credit.
“Protecting and conserving farmland, pasture, ranchland and woodlots is a priority for American farmers and ranchers. One way to do so is to permanently separate the right to develop property from the remaining property rights by entering into a conservation easement agreement with a third party such as a conservation organization,” Farm Bureau explained in comments to the agency.
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