Five miles on the New River protected
in 2007
Two Grayson County farms that guard the scenic view and
water quality along five miles of the New River will be forever
protected in their natural state thanks to...Read
More
Three elected to Land Trust Board
A landowner who donated one of the first easements in the New
River Valley, a well-known surveyor and an expert in watershed
issues are three new board members for the New River Land Trust. Read
More
NRLT hires Development Director, Assistant Director
The New River
Land Trust has hired a part-time assistant director and development
director to help build the trust’s capacity
to save land...Read
More
Annual Land and River Revel
Our Annual Land and River Revel,
held on the 16th at Rockwood Manor, was a great success! If you missed it, here is a slideshow of pictures of the event.
New River Clean-up Day
Help renew the New River in
Giles County.
Historic tavern and rare forest receive state funding
One of
the most historic properties in Western Virginia as well as a
globally
rare forest with endangered plant and rare animal
species will be protected with conservation easements thanks
to...Read More
Obenshain elected to head state conservation coalition
Virginia’s
United Land Trusts, or VaULT, has elected Elizabeth Obenshain
as its new president for 2007. Obenshain is the executive director
of the New River Land Trust. VaULT is a statewide coalition of
land trusts and government agencies founded in 2002 to promote
and...Read More
Board Members
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Katherine Johnston |
Jim McKenna |
Elizabeth Obenshain |
Holly Taylor |
NRLT wins $2.1 million to save 960 acres on the New River
The
New River Land Trust and the Virginia Department of Forestry
have won a $2.1 million federal appropriation to protect more
than 960 acres along the New River in Grayson County. The funds,
included in the 2007 federal budget, will be used to buy conservation
easements on...Read
More
Land Preservation Tax Credits
Reduce Your State Income
Taxes
If you are a taxpayer in Virginia, either
an individual or company, you can reduce your 2007 state
income-tax payment by 15 percent or more by buying a Land
Preservation [Tax] Credit. Each taxpayer can use up to $100,000
of these tax credits each year against that year’s
tax liability. Business owners can buy a $100,000 credit
for themselves and a $100,000 credit for their business.
Virginia offers income tax credits to encourage landowners to
restrict development of their land in perpetuity with conservation
easements. Landowners who cannot use all their tax credit can
sell them to you or other taxpayers.
How You Benefit
By buying these tax credits from your neighboring landowners,
you realize a significant savings on your taxes while encouraging
conservation of area farms and forests. We recommend a price
of 85 cents on the dollar. For example, if you expect to owe
$10,000 in state income taxes, you pay a landowner $8,500 for
a $10,000 tax credit, saving $1,500 on your state taxes. You
can carry forward to the next tax year any unused portion of
a purchased tax credit for up to five years from the donation
of the easement.
How To Find Tax Credits
The New River Land Trust will put you in touch directly with
a landowner with credits to sell. Every dollar goes directly
to the landowner. Call Elizabeth Obenshain, Land Trust executive
director, at [540] 951-1704 or e-mail nrlt@newriverlandtrust.org.
You can also buy tax credits through tax credit brokers.
How You Can Help Conserve Land
In recognition of the work being done by the land trust in promoting
conservation of our Virginia countryside, you can qualify for
yet another charitable deduction by donating part of your tax
savings the New River Land Trust. Then you save on taxes and
save Virginia’s natural heritage.
Click here for our Q&A on Tax
Credits
New tax incentives promote conservation
Congress
has just given landowners – especially farmers –
significant financial reasons to protect their land with a conservation
easement in 2007. The new federal law:
- Raises the deduction a landowner can take for donating a
conservation easement from 30% of their income in any year
to 50%;
- Allows qualifying farmers and ranchers to deduct up to 100%
of their income; and
- Increases the number of years over which
a donor can take those deductions from 6 years to 16 years.
Any landowner considering an easement should immediately talk
to their accountant or financial adviser about proceeding. These
incentives are only good through 2007.
Virginia has also changed its tax credit that rewards landowners
for donating an easement. Starting with easements donated January
1, 2007, landowners will receive a tax credit for 40% of any
reduction in their property’s value due to the easement
restrictions. Landowners have 11 years to use their tax credit
to erase their state income taxes or sell the credit for cash.
Contact the New River Land Trust at nrlt@newriverlandtrust.org or
540-951-1704 for more information. |
