On August 17, 2006, President Bush signed into law the Pension Protection Act of 2006. This law changes several of the limitations on tax benefits available for donations of conservation easements. Commentators have described these changes as, "a tremendous expansion of the federal conservation tax incentive for conservation easement donations." Rand Wentworth, Land Trust Alliance, 9/26/06. Under the former law, all charitable donations of capital gain property were subject to the same restrictions and carryover rules; namely a taxpayer was limited to a deduction of the property's fair market value up to 30% of the taxpayer's adjusted gross income, with a five year carryover period. The new law reduces these limitations for contributions of conservation easements on capital gain property. In particular, the new law:
February 16, 2021
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