Landowners in Georgia may have a chance to cut their income taxes in half.
Congress recently extended, through the end of this year, a law that allows landowners who protect their land from development and protect the conservation values on the property to reduce their federal income-tax liability by as much as 50 percent.
The way to qualify for this is through a land-conservation easement. A conservation easement is a legal agreement that the land will not be developed into a subdivision.
The Internal Revenue Service allows a landowner to take the value of these subdivision rights and treat them as a deduction to reduce one’s income. The state of Georgia also recognizes the value of protecting natural resources and allows a tax credit for the landowner.
The Georgia Conservancy has a free service for Georgia landowners to help them evaluate whether this program is suitable for them. Landowners interested in a free evaluation of their land’s conservation potential can call Fuller Callaway of the Georgia Conservancy’s Land Conservation Program at 404-876-2900, ext. 113, or email email@example.com.