Landmark ag, open space bill introduced by Thompson

Daily Democrat

Congressman Mike Thompson, D-1st District, has introduced a bill that will aid in the protection of thousands of acres of our nation's shrinking agricultural lands and open space.

The bill will permanently allow landowners to get significant tax deductions if they place a conservation easement on their property. These conservation easements allow property owners to continue using the land, while protecting the land from future development.

When landowners donate a conservation easement, they maintain ownership and management of the land and can pass the land on to their heirs, while forgoing their rights to develop the land in the future. Conservation easements have historically been an effective tool for protecting farmland and open space, and Thompson anticipates this bill will enable more farmers and other property owners to conserve their land. The bill enjoys broad support from a grassroots coalition of farmers, and conservationists.

The tax provisions allow property owners to get a deduction of up to 100 percent of their adjusted gross income for fifteen years. These tax provisions have a long record of success.

In August 2006, Congress passed provisions written by Congressman Thompson that enhanced the tax incentive for the donation of conservation easements by allowing landowners to deduct a larger share of their income over a longer period of time.