CONSERVATION EASEMENTS: Since 2000, Colorado has encouraged land protection with a generous tax credit to conservation easement donors. The credit, worth 50% of the easement's value (but capped at $375,000), may be used against the donor's taxes or sold to other taxpayer's. Any portion unused/unsold in the year of the donation may be carried forward for 20 years. For 2008 the amount of this credit remains unchanged. However, House Bill 08-1354 has created new rules. Beginning in July 2008, easement appraisers must submit each appraisal, with a $600 fee, to the State for review; and beginning in January 2010, only easement granted to state-certified land trusts will generate a tax credit. The new certification program will begin accepting applications in January 2009.
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How do you think this will help or hurt you?
Amanda,
From a broker's standpoint, I don't see the changes affecting us one way or the other. I do know that several appraisers in our area are "out of business" as far as conservation easements are concerned.