Perdue's land proposal advances

February 9, 2006
By Greg Bluestein | ASSOCIATED PRESS

ATLANTA - House lawmakers handed Gov. Sonny Perdue a victory Wednesday by unanimously passing legislation that gives income tax credits to individuals or corporations that donate property or conservation easements.

Perdue, who proposed the measure last month, said it will encourage landowners to give property to charity groups or the government. The bill now moves to the Senate.

Georgia already allows a state income tax deduction for permanent conservation easements and charitable land gifts, but does not provide for an income tax credit.

Credits would be available when the land or easement is donated to the state, county, city or a charitable nonprofit group. The Georgia Department of Natural Resources would determine whether the donated property qualifies as conservation land.

Taxpayers could offset their state income tax bill by 25 percent of the fair market value of the donated property, up to a maximum of $250,000 per individual and $500,000 per corporation. The credit cannot exceed the amount of state income tax otherwise due, and unused portions can be held over for five successive years. Environmentalists have praised the legislation, which would make Georgia the eleventh state to offer conservation tax credits.

"We are very pleased that the land conservation tax credit is progressing with bipartisan support," said Jim Stokes, president of the Georgia Conservancy.

"We compliment the governor for continuing to place such great importance on land conservation in Georgia. "