H 1008 Summary

• Provides a 25% tax credit for C Corporations, individuals, and pass-through entities that donate real property interests in perpetuity to the State, local government, or qualified conservation organizations for nine specified uses including conservation and military installation buffering.

• Establishes annual credit limits of $500,000 for C Corporations and pass-through entities, $250,000 for individual donors, and $500,000 for married couples filing jointly.

• Requires donations to be supported by certification from the Department of Environment and Natural and Cultural Resources and an appraisal report, with allowances for using county appraised values adjusted by sales assessment ratio for fee simple donations.

• Allows unused credit portions to carry forward for five succeeding years and prohibits double benefits by preventing the same donation from receiving both the tax credit and a charitable contribution deduction.

• Effective for taxable years beginning January 1, 2020, and expires for taxable years beginning January 1, 2024.