Federal Income TaxesA federal income tax deduction may be available to you in an amount equal to the value of the conservation easement you have given. For the tax year of the gift the deduction can be up to 50% of your contribution base if you are an individual donor and up to 10% of the taxable income if you are a corporate donor. If all of the deduction cannot be used by you during that tax year, it may be carried forward for up to fifteen additional years if you are an individual donor and for up to five additional years if you are a corporate donor. These individual deduction limits and carry forward periods are very generous, and may be even more generous if you are a qualified farmer or rancher. … [Read more...] about Conservation Easement Opportunities: Protecting Natural Resources While Receiving Tax Savings
Sale of conservation easement
"If you have enough of these easements in a location, and the area is not already locally regulated, you maintain the integrity of the historic character of the neighborhood and generally speaking, that sort of integrity increases property values," he said. "You don't have a lot of insensitive alterations made to the buildings, and there's a lot of local character." … [Read more...] about Easements protect historic buildings, but at what cost?
On appeal, Avery County argued that the Commission erred by exempting the property from taxation because Grandfather Mountain is a self-described tourist attraction that is not “wholly and exclusively” held and used for “educational or scientific purposes.” The County further argued that the Commission erred by focusing on what GMSF did with the income from Grandfather Mountain rather than on how the property was actually used. In a unanimous, published decision, the Court of Appeals agreed with Avery County and reversed the Commission’s decision. … [Read more...] about North Carolina Appellate Courts Hold Grandfather Mountain Must Pay Property Tax
Coal Ash Property Damage Ruling ReleasedThe U.S. Court of Appeals for the Third Circuit determined in an August 20 rulingthat residents neighboring a Pennsylvania coal-fired power plant may sue for property damage even though the plant complies with state and federal rules. The court sided with the two plaintiffs who said fly ash emissions from the Cheswick Generating Station prevented them from fully using their land. A lower court, the U.S. District Court for the Western District of Pennsylvania, previously ruled against the residents, saying their claims were preempted by the Clean Air Act. … [Read more...] about Energy and Environment Law Update – August 26, 2013
Colorado- Effective December 15, 2015, the Colorado Department of Revenue amended regulation Colo. Code Regs. 39-22-2102 (Colorado Low-Income Housing Tax Credit). The regulation that discusses the allocation of the credit for pass-through entities provides, among other things, that the owner of a qualified development project receiving an allocation of a Colorado low-income housing credit may allocate the credit among its partners, shareholders, members, or other constituent taxpayers in any manner mutually agreed upon, and the regulation is amended to mandate that the owner submit with the Colorado Partnership or S Corporation Return their Colorado State Low-Income Housing Tax Credit Allocation Certificate along with a schedule detailing how the credit is allocated. In addition, each partner, shareholder, member, or other constituent taxpayer must attach a copy of such allocation certificate and allocation schedule to their Colorado income tax return. Once the credits are claimed on … [Read more...] about December 2015 State Tax Credits & Incentives Update