The Brookings Institute has issued a report authored by Adam Looney, which asserts that abuse of charitable donations of conservation lands is increasing. Mr. Looney’s report begins as follows:
Abuse of a tax deduction intended to encourage conservation of environmentally important land and historic buildings has cheated the government out of billions of dollars of revenue while often doing little to advance environmental protection.
In a new Urban-Brookings Tax Policy Center analysis (PDF) of the provision and its misuse by taxpayers and real estate developers, Brookings Senior Fellow Adam Looney reveals a recent surge in abusive transactions. Total deductions for conservation easement contributions by taxpayers tripled between 2012 and 2014—rising from $971 million in 2012 to $1.1 billion in 2013 to $3.2 billion in 2014.
See Brookings Report summary by clicking here: Abuse of tax deductions for charitable donations of conservation lands are on the rise | Brookings Institution
Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.