Washington, DC – December 21, 2015 – (RealEstateRama) — Congressman Lee Zeldin (R, C—NY-1), today announced that the House of Representatives passed legislation (H.R. 2029) which includes language establishing a permanent tax deduction for East End conservation easements.
Currently, landowners or farmers who donate a conservation easement to preserve their land from development can temporarily claim a federal income tax deduction. This important tax credit will now be permanent, giving certainty to Long Island conservationists and farmers. This legislation will now be sent to the President to be signed into law. Earlier this year, Congressman Zeldin also voted for the America Gives More Act (H.R. 644), which would make this tax credit permanent.
H.R. 2029 also provides important funding for water quality, funding the National Estuary program, which includes the Long Island Sound and Peconic Bay, at $26.7 million for the 2016 fiscal year. The Long Island Sound Program is also funded at $4.8 million, a major victory over the Obama administration’s proposal to cut this critical water quality program by 22%. The legislation also reauthorizes the Land and Water Conservation Fund (LWCF), which provides local grants for hunting grounds, fishing areas and recreational facilities throughout Long Island, including 75 parks in Suffolk County alone.
Congressman Zeldin said, “One of my top priorities in Congress is protecting and preserving the abundance of natural resources we are blessed with on Long Island. Conservation easements are one of the most important ways that we can preserve the family farms and natural beauty of the East End of Long Island. In Congress, I have also been leading the fight to protect the quality of our water. I am proud to announce the passage of important legislation that funds the restoration of the Long Island Sound and Peconic Bay.”