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Politics : Sioux Nation -- Ignore unavailable to you. Want to Upgrade?

To: techguerrilla who wrote (6056)	1/31/2005 12:12:20 PM
From: Skywatcher	Respond to of 361257

ENVIROMENTAL ALERT....BUSH...the Earth's DESTROYER now on a campaign of tax changes to ENSURE DEVELOPMENT OF SENSITIVE AREAS Congressional Committee Proposes Severe Cuts in Easement Deductions Advocates Alert: Congressional Committee Proposes Severe Cuts in Easement Deductions lta.org Date: January 28, 2005 Yesterday, the Joint Committee on Taxation (JCT) of the Congress recommended severe limits to the deductions landowners can take for donating a conservation easement. In short, the committee -- a body looked to by the Congress for expert advice on tax matters -- proposed that deductions for a conservation easement be limited to no more than 33% of the easement's appraised value , and that no deduction be allowed for an easement on a property used by the taxpayer as their personal residence. The Washington Post covered the recommendations in an article in today's paper (see washingtonpost.com. The Joint Committee's rationale: cases of abuse of deductions for historic facade and conservation easements, and how difficult it is for the Internal Revenue Service to police easement appraisals. While the Post article focuses on the easement recommendations, the 430 page JCT report, "Options to Improve Tax Compliance and Reform Tax Expenditures", includes 67 other recommendations for changes to all parts of the tax code. The full report is at: house.gov (PDF; 1.3MB). The report has some other equally troubling recommendations, including a recommendation that deductions for donations of property -- including donations and bargain sales of real estate -- be limited to the taxpayer's basis in the property, rather than its market value. The Joint Committee's work is a report, and only that. It is not legislation. But it is a gun pointed right at the deductibility of conservation donations. If your Senators and Representatives don't know how important these donations are to you and your community, they could well turn to this report's recommendations as a good way to reduce the deficit or fund some other priority. We all know how important the deductibility of land and easement donations has been to the success and growth of land trusts. But we can't take the status quo for granted. The tax benefits for conservation are at dire risk if policymakers believe that they are being abused. LTA is developing a plan and a strong coalition to stop these proposals from becoming law, but our success will depend on land trusts demonstrating that they are capable of self-regulation. If tax deductions are important for your work, we need your help to: Commit to implementing and demonstrating compliance with Land Trust Standards and Practices; Help LTA consider what other forms of self-regulation would be appropriate for land trusts; Involve your Senators and Representatives in the work of your land trust so that they know the importance of what we are doing; and, Send a message to your Senators and Representatives about the Joint Committee proposal. A draft letter is available. Rand Wentworth President Land Trust Alliance 1331 H St NW Ste 400 Washington, DC 20005 www.lta.org