Tax Benefits

Tax Benefits of Conservation

There are many benefits to conserving your land: saving on taxes can be one of them.


NYS Conservation Easement Tax Credit

Did you know that your donation of a conservation easement may qualify for a NYS tax credit? The Conservation Easement Tax Credit program is available as a refundable income tax credit of 25% of school district, county, and town property taxes paid during the year.

Landowners with a conservation easement are eligible regardless of the date of the easement so long as the easement is held by a private conservation organization (such as the Mohawk Hudson Land Conservancy), or a public conservation agency (such as the NYS Department of Environmental Conservation). Landowners may acknowledge up to $5,000 as the maximum for this credit. If the tax credit exceeds your owed amount in state income taxes, you will receive payment for the difference.

Any donations of conservation easement must be permanent to qualify as a charitable donation.


Federal Income Tax Benefits

Landowners who have donated a conservation easement or gift of land may qualify for an income tax deduction based on the fair market value of their gift for up to 50% of their yearly gross income. The remainder of the value can be deducted for an additional fifteen years.

Any donations of conservation easements must be permanent to qualify as a charitable donation.


Conservation Benefits

The Mohawk Hudson Land Conservancy cannot provide any tax advice on land transactions. We recommend you explore your potential tax benefits with a qualified financial consultant who can assist you with your personal finances.

To read more about New York State’s Easement Tax Credit Program, click here.


To read more about Income Tax Incentives for Land Conservation, click here.

 

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