CONGRESS PASSES PERMANENT CHARITABLE TAX GIVING INCENTIVES

The House and Senate have passed the The Protecting Americans fromTax Hikes (PATH) Act of 2015, which makes permanent three charitable giving tax incentives which have been expired since January 1, 2015, including the enhanced deduction for donations of land conservation easements.

THE ISSUE
The enhanced deduction for donations of land conservation easements allows land owners to reduce their taxable income by giving up development rights to their property for purposes of preserving natural resources. The provision is part of a package of 55 temporary tax extenders that were reinstated retroactively for the 2014 tax year, but expired again on January 1, 2015.

Senate Finance approves expired giving incentives 
The Senate Finance Committee approved legislation (S. 1946) on July 21 that would reinstate for the 2015 and 2016 tax years a package of expired tax provisions, which includes the enhanced deduction for food inventory donations, the enhanced deduction for land conservation easement donations, and the IRA charitable rollover.

This legislation is complex.  The Manor Conservancy will review its implications to inform our community of its effects.

Click here for a printer-friendly brochure about the deduction.