What are the “conservation purposes” recognized by the Internal Revenue Code?
The Internal Revenue Service Code Section 170(h) requires that conservation easement donations meet one or more of the following conservation purposes: • protects relatively natural habitats of fish, wildlife or plants; • preserves open space – including farms, ranches or forests – either for scenic enjoyment or in keeping with a clearly delineated public policy; • preserves land for public outdoor recreation or education; or • preserves historically important land or certified historic structures. Each conservation easement must meet one, but not all, of these recognized purposes. The conservation purpose of most conservation easement donations in Texas is derived from the protection of open space or wildlife habitat. Can a conservation easement protecting open space in a real estate development qualify for an income tax deduction? No tax deduction will be allowed if the donation is made under compulsion, or in exchange for a benefit that the landowner expects to receive. Also, charit
Related Questions
- My organization does not have federal exemption (or is exempt under a different Internal Revenue Code section). How do I obtain tax-exempt status for California?
- What are the "conservation purposes" recognized by the Internal Revenue Code?
- What are the "conservation purposes" recognized by the Internal Revenue Code?
