One of the primary land preservation tools used by the NLC in cooperation with conservation-minded Nantucket landowners is the Conservation Restriction (CR). A CR is a recorded legal agreement between an owner of land with conservation values and a nonprofit group, such as the Land Council, or governmental entity that always will protect that land. Each CR reflects a unique parcel of land and its landowner’s wishes for the future use of the land.
Tax Incentives for Conservation Restrictions
In 2015, the United States Congress made permanent the enhanced tax benefits that expired several years ago. The core elements of the change include:
- Raising the deduction a donor can take for donating a Conservation Restriction to 50% of his or her annual income;
- Extending the carry-forward period for a donor to take a tax deduction for a conservation restriction to 15 years; and
- Allowing qualifying farmers to deduct up to 100% of their income.
This is an excellent opportunity for Nantucket land owners who have ecologically significant parcels of property to take advantage of this tax program. The Nantucket Land Council holds a total of 92 Conservation Restrictions on over 1,500 acres of land throughout Nantucket, Tuckernuck and Muskeget Island. Please contact the office to learn more!
Download the Protecting Your Land with the Enhanced Conservation Tax Incentive Brochure (PDF).