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| Here is a wonderful win-win situation to consider. If you own real estate property, you can give or sell at a bargain price a conservation easement to a conservancy organization like Block Island Conservancy. You would continue to be the owner of the property, and it can always be sold or passed on to heirs. You may wish, however, that the property never be developed or changed. This is what the conservation easement is all about, and it can significantly help you tax-wise. You can take as a tax deduction the value of the easement if donated, or the difference between the fair market value and the agreed upon sale price. You can take as a deduction up to 50% of your earned income instead of the usual 30%. You can continue to take the deduction until used for 15 years instead of the usual 5 years. You, the taxpayer, get to conserve your property forever, your way. You get some unusual benefits, and BIC acquires the easement and will insure that its provisions are maintained. Under current law, this tax benefit expires on December 31, 2009, though efforts are well underway to make the benefit permanent. Already many easements are in place forever all over Block Island. |
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| The Mitchell Farm purchase of 22 acres in 2007 is a conservation easement. For more information call us at 401-466-3111 and ask for the brochure Using the Conservation Tax Incentive. We will send it to you promptly. The brochure explains exactly how this works and would be helpful to your attorney assisting you with the conservation easement. |
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| ©Block Island Conservancy |
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