HB 2800 Summary

• Authorizes the Legacy Land Conservation Commission to acquire agricultural easements across lands contiguous to important agricultural lands using funds from the conveyance tax.

• Provides donors of agricultural easements a 130% income tax deduction that can be claimed over their lifetime, with a maximum of 40% of adjusted gross income per year or a one-time deduction of 70% of adjusted gross income.

• Reduces the assessed value of donated easements to 5% of the negotiated easement value for ad-valorem tax purposes, with the reduction perpetual and reappraised no more than once every 20 years.

• Requires the commission to pay for three independent appraisals of donated easements, with the average value used for negotiation purposes.

• Dedicates a separate account within the conveyance tax to the land conservation fund for acquiring agricultural easements to protect important agricultural lands identified under chapter 205.