Laws Give Break for Land Preservation. But Hurry.

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The new tax legislation signed at the beginning of the year renewed generous federal tax breaks for landowners who permanently preserve scenic, environmentally sensitive or historical properties.

The preservation technique, known as a conservation easement, is a binding agreement, typically made between a landowner and a nonprofit group called a land trust, that places development restrictions on the property.

Under the provisions in the new tax law, landowners generally can deduct the value of a donation up to 50% of their adjusted gross income per year. If your income is too low to deduct the full amount of your gift in one year, you can deduct the remaining amount over as much as the next 15 years.

Professional farmers and ranchers or those with forestry operations who earn at least half their income from their land can claim deductions up to 100% of their income.

Read more here on wsj.com