P4C released the following statement today in regards to the Joint Committee on Taxation’s analysis of S.170:
While it is no surprise the curtailing of a charitable tax deduction would result in more revenue for the federal government, the Joint Committee on Taxation analysis of S. 170 apparently fails to quantify the true value of permanent land conservation. Several studies have shown that for each dollar invested in programs for conservation easements, taxpayers save between $4 – $12 dollars. The deduction has been working as Congress originally intended and S. 170 would have a detrimental impact on the amount of land being conserved by retroactively increasing taxes for American taxpayers. Congress should instead implement a common-sense approach that reforms the current tax incentive without limiting the ability of more Americans to participate in land conservation efforts.