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percent or more of their income from farming or forestry during the year of donation can reduce their AGI by up to 100 percent.
Virginia offers an important state income tax credit that can be used to offset an easement donor’s tax liability dollar-for-dollar, and because many farmers are “land rich and cash poor,” any unused credit can be sold for cash to other Virginia taxpayers. A credit equal to 40 percent of the property’s easement value can be used to pay off the easement donor’s state tax obligation for the year of donation and over the following 10 years. The ability to sell unused state income tax to others has proven to be especially popular among “land rich and cash poor” farmers.
Finally, easement donation removes the easement
84.2%