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ns aiiienueu uy me uuvernur: Estate Tax/Land Preservation Tax Credit • Eliminates the estate tax for deaths that occur on or after July 1, 2007. • Reforms the Land Preservation Tax Credit to help pay for eliminating estate tax. Major Features of Land Preservation Reform: • $100 million of tax credits can be issued in calendar year 2007 and $100 million in tax credits adjusted to reflect changes in CPI can be issued in each calendar year thereafter. (Note: No cap existed prior to proposed changes) • Credits registered above the caps in one year are the first draw against the subsequent year’s cap. . • Credit is 40 percent of fair market value. (Note: credit was set at 50% prior to proposed changes) • Donations must meet objective criteria promulgated by Department of Conservation and Recreation. • Donations that have credit value over $2.5 million (FMV over $6.3 million), must be specifically approved by DCR, in addition to meeting the objective criteria. • Provides state oversight/accountability of high value credits. • Only 16 donations have had credit value over $2.5 million in the program’s 6-year history; therefore, this requirement does not produce an administrative burden. • Appraisal value being claimed must be supported by evidence that property is physically adaptable for use claimed in appraisal and there is a need or demand for such use in tin* reasonably near future. • 1 riusable credit may be carried forward for 10 Years. (Note: was set at 5 years prior Jo proposed changes)
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