MILAN, Ohio — Western Reserve Land Conservancy will host a program for property owners interested in learning more about the tax incentives available for preserving their land at 7 p.m. March 24 at the EHOVE Career Center in Milan. The program is free and open to the public.
Conservation and ag easements
Andy McDowell, the Land Conservancy’s western field director, will be the presenter. The program will focus on conservation and agricultural easements, including how they can be customized for individual landowners and reduce estate tax burdens.
For conservation easements donated in 2011, the basic tax benefits include: Grantors of conservation easements may take a charitable deduction of up to 50 percent of their adjusted gross income (AGI) in the year of the gift. The previous limit was 30 percent. Qualified farmers may deduct up to 100 percent of their AGI.
The number of years over which a donor may carry forward deductions has increased from six years to 16 years.
Renewing easement incentives
In 2010, the Land Conservancy was part of a broad coalition representing farmers, sportsmen and other conservationists that convinced Congress to renew conservation easement tax incentives for an additional two years. These tax incentives have already helped thousands of families conserve their land while realizing significant tax savings.
The increased tax incentives for land preservation will expire Dec.31, 2011. To RSVP or for more information, please call the Land Conservancy’s Firelands Field Office at 440- 774-4226 or email to firstname.lastname@example.org.