SB13-130 Summary

• Allows taxpayers to claim a state income tax credit for donations of conservation easements with terms of not less than 25 years, effective for income tax years commencing on or after January 1, 2014.

• Previously required conservation easements to be perpetual to qualify for the state income tax credit; this bill permits non-perpetual easements as an alternative.

• Requires the appraised value of non-perpetual easements to reflect the limited term when calculating the tax credit amount.

• Non-perpetual easements must otherwise comply with all federal and state requirements for conservation easements, including federal tax code section 170(h) requirements.

• Allows the state credit even if the taxpayer does not claim or is ineligible for a federal income tax credit for the donation.