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Landowners who donate conservation easements on their land beginning this year are eligible for a new state income tax credit.
, Under the provision that went into effect Jan. 1 individuals and corporations may claim a credit equal to 50 percent of the value of the easement against their Virginia State income tax liability. The cap on the tax break is $50,000 for easements donated in 2000; $75,000 for those donated in 2001; and $100,000 for those donated in 2002 or thereafter. A tax credit cannot exceed the amount of taxes owed for a year, but the full dr6dit may be spread over six years.
The Virginia General Assembly last year passed the
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