HB 19-1264 Summary

• Repeals appraiser education and experience requirements established by the Board of Real Estate Appraisers for conservation easement appraisals, allowing appraisals to comply with "substance and principles" of professional standards or alternative methods approved by the Division of Conservation and Conservation Easement Oversight Commission.

• Extends the sunset date for the Conservation Easement Oversight Commission from July 1, 2019, to July 1, 2026, and requires it to advise on conservation easements and share information with the Department of Revenue to ensure appraisal compliance.

• Increases maximum tax credit for conservation easements from $1.5 million to $5 million per donation, with credits issued in annual increments of up to $1.5 million, prioritizing prior-year applications.

• Requires property owners to execute a perpetuity disclosure form before creating conservation easements and prohibits termination of easements that received tax credits except through court determination of impossibility, condemnation, or changed conditions.

• Establishes a working group to develop alternative valuation methods for tax credits, retroactive credit processes for denied claims (2000-2013), and orphaned easement recommendations, with a report due December 1, 2019.

• Appropriates $500,000 from the conservation cash fund to the Division of Conservation for program costs and indirect assessments.