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President Signs Conservation Tax Extensions into Law
On August 17, President Bush signed into law the Pension Protection Act of 2006, which contains provisions expanding tax deductions for conservation easement donations through Dec. 31, 2007.
Provisions in the new law include:
- Raising the maximum deduction a donor can take for donation of a conservation easement from 30% of their adjusted gross income in any year to 50% (provided that the contribution does not prevent use of the donated land for farming or ranching);
- Allowing qualified farmers and ranchers to deduct up to 100% of their adjusted gross income; and
- Increasing the number of years over which a donor can use conservation tax deductions from six years to 16 years.
IRS information and full text of the law can be viewed by clicking here. Additional information will be posted on the IRS.gov/Charities website as it becomes available.
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