BOSTON, Mass. (WWLP) – The Massachusetts House has approved an increase in tax credits for donations of land to public or private conservation organizations.
The amendment increases the amount of money available through the Conservation Land Tax Credit from $2 million to $5 million over a three-year period beginning Jan. 1, 2018. According to House Minority Leader Brad Jones, there’s a backlog of tax credit applications and more credits will lead to more land protection.
Administered through the Executive Office of Energy & Environmental Affairs, the tax credit is equal to 50 percent of the fair market value of the donated property, with a maximum credit of $75,000 for each qualified donation. Between 2011 and 2016, the program provided $10.7 million in tax credits to permanently protect 10,435 acres of donated conservation land valued at $46.3 million.
Learn more about the Conservation Land Tax Credit program.