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By Bob Dennis
RCCA president
The Rappahannock County Conservation Alliance recommends that all farm and forest owners take an early and thoughtful look at House Bill 1322, recently approved by Virginia’s General Assembly and Governor. This measure allows conservation easement donors to sell State income tax credits generated by their easement gifts to parties who can better use them.
Over the last forty years, landowners interested in easements have noted that the easement donors who most benefited from resulting charitable tax deductions were those in the higher tax brackets; that’s the way income tax deductions work. In 1999, Virginia tried to sweeten the pot by creating State income tax credits for land conservation gifts. But these credits were limited to the amount of State income tax liability — so didn’t offer much for most rural landowners.
Now, for any easement donated on or after Jan. 1, 2002, the resulting State tax credit may be “transferred” (given or sold) “for use by
93.7%