Local Interest
Preservation of the land is of great interest to local residents and of great value to those considering a decision to live here. There is probably no better example than the Steep Rock Association and its core of enthusiastic volunteers. Hard work and diligence by organizations and persons like these ensure the continuation of the character of the land we have come to love. The following is an excerpt from the fall newsletter which a new or prospective property owner may find interesting:
President Signs Bill Expanding Conservation Tax Incentives
On August 17, 2006, President Bush signed the 2006 Pension Reform Bill, legislation that included a provision that provides wonderful new incentives to protect land.
The provision, which expires at the end of 2007, will:
• Increase the charitable deduction limit from 30% to 50% of adjusted gross income (AGI) for donations or bargain sales of qualified conservation contributions.
• Increase the charitable deduction limit to 100% of AGI for eligible farmers and ranchers (i.e. those who receive more than 50% of their income from farming or ranching), so long as the contribution does not prevent future agricultural use; and
• Allow the taxpayer to carry forward the deduction for 15 years (rather than five years),
These new rules apply to gifts of real property interests (typically, a conservation easement) to public agencies or nonprofit conservation organizations exclusively for conservation purposes, As before, conservation purposes include the conservation of land areas for outdoor recreation and education, scenic protection, habitat and ecosystem protection, preservation of historically important lands and/or certified historic structures, and other public benefits.
The new provisions will apply to donations made during calendar years 2006 and 2007. These changes provide added incentive for landowners to donate or make bargain sales of conservation easements to land trusts and conservation organizations,
As always, every conservation easement must clearly identify the purposes of the easement and the resources to be protected, Any reserved rights must be consistent with the protection of the conservation values of the property, The donee land trust, the Steep Rock Association for example, must have the commitment and the resources to enforce the terms of the restriction.
(Extracted from “The Steep Rock Vista” fall 2006)
