[MassHistPres] Enhanced Conservation/Preservation Tax Incentives in Federal Tax Bil

[Stefan Nagel]

Happy New Year, All!

 

There's an interesting wrinkle in the newly passed federal tax legislation.
You'll likely hear about this from a number of sources.  But just in case:

 

It turns out that the new federal tax law passed last night by the House
will allow donors of qualified land conservation and historic preservation
restrictions to take an "enhanced" deduction against federal taxes.  It is
the same enhanced benefit for "qualified conservation contributions" that
had expired at the end of 2011.  It appears the law will also apply
retroactively to cover qualified conservation/preservation contributions
completed in 2012.  In effect, the renewed benefit will allow donors to take
a deduction of up to 50% of adjusted gross income (AGI) in the year of the
donation (increased from the previous 30%), with any unused amount resulting
from the 50% cap being carried forward for an additional 15 years (instead
of the previous 5 years), subject to the same 50% AGI cap in each of those
carry-forward years.

 

The enhanced benefit has been extended into 2013, purportedly to expire on
December 31, 2013. 

 

I hope this news helps to cap off a good new year!

 

Stefan

 

_______________________________
Stefan Nagel, Esq., Of Counsel
Law Office of Stephen J. Small, Esq., P.C.
One Gateway Center, Suite 801
Newton, MA  02458-2804
Phone:  617-357-4012, Ext. 261
Fax:  617-357-1857
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www.lawofficeofstephensmall.com
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