Premium Essay

Easement

In: Social Issues

Submitted By tmaivy
Words 1500
Pages 6
A conservation easement is a legal, binding agreement between a landowner and a conservation organization that restricts the development and future use of the land to achieve a conservation objective. Each easement is unique to the parcel it is designed to protect and to the needs of the landowner donating the easement. There are term easements that exist in some states but not Colorado. A conservation easement of the land is binding with the landowners and future owners as well.

Landowners who grant easements give up some of their full ownership rights in the property but can be sure that his land will be protected forever. The easement holder is responsible for enforcing the restrictions of the easement. He may be eligible for income and estate tax benefits as a result of his gift. The lands must meet these criteria in order to qualify for conservation easement include agricultural land, forest resources, and other valuable natural resources such as wildlife habitat, clean water, clean air, or scenic open space.

An easement has important economic considerations attached to it if it is donated to a government or a charitable corporation or trust that is exempt from taxation under Internal Revenue code requirements. This code is created for the purpose of promoting conservation goals. The value of a qualifying conservation easement can be deducted from federal income and used as a credit against Colorado income tax. The easement can also result in an estate tax reduction and estate tax exclusion. Conservation easements can benefit (reduce) property taxes as well.

Income tax deduction – qualified conservation contribution:
A conservation easement must be donated in perpetuity to a qualified conservation organization “exclusively for conservation purposes” to qualify for federal and state tax benefits. Conservation purposes are defined by Internal Revenue…...

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