The IRS is proposing changes to IRS code section 170 that would reduce the amount of the federal charitable tax deduction for a donated conservation easement by the amount of a state tax credit received.
The proposed regulation can be viewed here.
American Farm Bureau Federation has filed comments that call for the continuation of a charitable tax deduction for the full and fair value of a donated conservation easement. AFBF’s letter can be viewed here.
Virginia Farm Bureau Federation will also be submitting comments on the proposed regulation. Producers who wish to submit individual comments must do so before the October 11th deadline.