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LAW
/ TAX INFO
STATE
LEGISLATION
HB
1107 (2006)
- Created the
conservation
tax credit in
Georgia.
HB
1274 (2008)
- Amended the
conservation
tax credit to
expand
incentives.
HB
346 (2011)
- Made the
conservation
tax credit
transferable.
HB 386 (2012) - Includes major
changes to the
conservation
credit that
will go into
effect in
2013.
See Part 3
(Pages
21-27).
CTT's Summary of HB 386
(NEW
- February 11,
2013)
O.C.G.A. § 48-7-29.12 –
The
Conservation
Tax Credit Act
(2013)
DEPARTMENT OF
REVENUE (DOR)
RULES AND
REGULATIONS
DOR
Department
Rule
560-7-8-.50
-
Current rule,
effective
January 1,
2013.
DOR
Department
Rule
560-7-8-.50
- Old
Rule for the
Conservation
Tax Credit
(for 2012 and
earlier
donations)
CTT's Summary
of DOR's Rules
for
Transferability
(UPDATED
- February 11,
2013)
DEPARTMENT
OF NATURAL
RESOURCES
(DNR) TAX
CREDIT
Certification
Information
For 2013
Donations:
(NEW
- January 25,
2013)
DNR
Department
Rule 391-1-6
- New DNR Tax
Credit
Certification
Rules,
effective
January 1,
2013
DNR
Application
Materials for
Donations Made
in 2013
SPC
Policy for
Appraisal
Review
DNR
Certified Land
Trusts for the
Conservation
Tax Credit
For Old
Donations
(made
2006-2012):
DNR
Department
Rule 391-1-6
- DNR Tax
Credit
Certification
Rules (for
2009 - 2012
donations)
DNR
Application
Materials for
Donations Made
in 2006-2012
FEDERAL
LEGISLATION - (UPDATED - January 25, 2013)
American
Taxpayer
Relief Act of
2012
In a deal to
avert the
fiscal cliff,
Congress
renewed the
enhanced tax
incentive for
conservation
easements with
the passage of
HR 8, The
American
Taxpayer
Relief Act of
2012, on
January 1,
2013.
The enhanced
incentive will
be in effect
through
December 31,
2013 and will
be retroactive
to January 1,
2012.
This means the
enhanced
incentive
applies to
both 2012 and
2013
donations.
HR
8 increases
the income tax
deduction a
landowner can
claim for
donating a
conservation
easement from
30% to 50% of
their Adjusted
Gross Income
(AGI).
Qualified
farmers and
ranchers,
whose income
from ranching
and farming is
at least 50%
of their AGI,
can deduct up
to 100% of
their income
as a federal
deduction.
HR
8 also
increases the
number of
years a
landowner can
carry over
this deduction
from 6 to 16
years or until
the deduction
is used. For
detailed
information on
the incentive,
please visit
the Land Trust
Alliance’s
website at: http://www.landtrustalliance.org/
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