Landscape Conservation: New Tax Credit Available
~Contact Mount Grace for information about the 2012 refundable tax credit~
Starting January 1, the Massachusetts Conservation Land Tax Credit Program will operate on a first-come, first-served basis, and Mount Grace is actively seeking interested landowners to participate in 2012.
Under the program, Massachusetts land protected in perpetuity can qualify for a refundable state income tax credit of half the appraised value, up to $50,000. This state tax credit is in addition to any federal tax deductions the donation may qualify for and is offered in exchange for both land and conservation easement donations. Annual funding for the program is capped at $2 million.
This September, when Massachusetts released the rules for the new program, the Department of Energy and Environmental Affairs left only a two-week window for 2011 applications. Land trusts around the state responded immediately. Few were more successful than Mount Grace, which helped five landowners with applications by the October 3 deadline.
In all, 425 acres of high-quality conservation land Mount Grace will protect qualified for the tax credit, which provides an important incentive for landowners willing to protect their land. As Diane Lincoln, a Mount Grace member since the 1980’s, explains: “I spoke with Leigh about protecting this land more than once in past years. I’ve been concerned about protecting land in the corridor from Tully Mountain to New Hampshire since moving here in 1981, but the tax credit was very helpful in covering some of the costs of protecting the land and making it possible for me to conserve the land this year.”
If you are interested in conserving your land in partnership with the Conservation Land Tax Credit Program, please contact Land Conservation Associate Jen Smith at 978-248-2055 x22 or smith(at)mountgrace.org.
More CLTC information can be found on the Massachusetts Land Trust Coalition Site.
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