AN ACT ESTABLISHING AN INCOME TAX DEDUCTION UPON CREATION OF A CONSERVATION EASEMENT.

Be it enacted by the Senate and House of Representatives in General Assembly convened:

That chapter 229 of the general statutes be amended to create an income tax deduction for any person who voluntarily protects their land from development through the creation of a conservation easement. Said tax deduction shall be up to fifty per cent of the taxpayer's adjusted gross income, or, if the taxpayer is a qualifying farmer, up to one hundred per cent of the taxpayer's adjusted gross income. A "qualifying farmer" means a taxpayer who derives more than fifty per cent of his or her income from farming activity. To the extent the value of the easement exceeds the maximum deduction permitted in any given year, such deduction may be carried forward for up to fifteen years.

Statement of Purpose:

To encourage and promote the conservation of land through the creation of a tax deduction for land that is protected by a conservation easement.