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In 2003, both the House and Senate passed bills including new tax incentives for conservation by private landowners.
We are particularly excited about two very powerful new incentives for conservation. Versions of both of these passed the US Senate in 2003. They have been re-introduced in the Senate in 2005 by Senator Rick Santorum (R-PA) and the outcome is still up in the air.
The two incentives would:
• Expand the income tax deduction a landowner can take for donating a conservation easement; and
• cut taxes on the sale of land or a conservation easement to a land trust or government conservation agency.
Expanding
deductions for
conservation easement donations
Senator Max Baucus (DMT) and Representative Nancy Johnson (R-CT) have proposed expanding the current limits on a landowner’s charitable deduction for donating a conservation easement on their land. The purpose of this proposal is to ensure that moderate-income donors can get a significant tax benefit from making an extraordinarily valuable charitable gift of a conservation easement.
This proposal would:
• raise the maximum deduction a donor can take for donating a conservation easement from 30 percent of their income in any year to 50 percent;
• allow fanners and ranchers to deduct 100 percent of their income; and
• increase the number of years over which a donor can take deductions from 6 years to 16 years. Cut capital gains tax
on conservation
President Bush has, in each
92.2%