Yes, you read that right. There will a new tax credit in Massachusetts, but it serves a very specific purpose. Environmental officials in Massachusetts are hoping to boost conservation by offering residents that donate land to the state tax credits.
Richard Sullivan, Energy and Environmental Affairs Secretary, recently announced that eligible land donors can get a state income tax credit equivalent to half of the donated land’s appraised value under a new conservation initiative.
The land that is donated must have a value of at least $100,000 and the land must conform to state and regional long-term goals for land conservation.
Of course there are limits to the amount of the tax credits, which caps at $50,000 for each parcel of land donated. The program will offer tax credits totaling $2 million.
According to Sullivan there are more than 85,000 acres that have been protected since 2006 in Massachusetts. Those donating land have until October 3, 2011 to complete and submit applications to the program.
So, while this tax credit doesn’t exactly benefit the flood of individuals looking for apartments in Boston in a very competitive market, this initiative could be great for those able and willing to donate land while contributing to the greater good of the state.
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