FOR IMMEDIATE RELEASE
Contact: Joshua Lynsen
Media Relations Manager
202-800-2239 | firstname.lastname@example.org
‘The IRS Has Taken an Important First Step’
Today, the Internal Revenue Service designated a narrow subset of conservation easement donations as “listed transactions.” The following statement can be attributed to Andrew Bowman, president of the Land Trust Alliance:
The IRS has just taken the important, anticipated step of making conservation easement tax shelters a “listed transaction.”
We have been hoping that this guidance would zero in on transactions that disguise a profitable tax shelter as a charitable donation for conservation, and it appears they have done just that. By making these arrangements a listed transaction, the IRS has taken an important first step in stopping donations structured to give donors back more than they give.
Importantly and appropriately, the IRS does not require land trusts to report these transactions, sparing their boards from having to make technical tax determinations on donations. Additionally, the IRS notice says land trusts will not be subject to penalties merely because they received such a donation.
Today’s notice is consistent with the Alliance's long held view that these tax shelters significantly undermine public confidence in important conservation work of land trusts across America. We’re optimistic this notice will dissuade promoters from engaging in conservation easement tax shelters. Additionally, we will work to seek additional clarification to confirm that, as it appears, individual donors, family partnerships and those who have held their property for many years are not included in this notice.
More information will be available in coming weeks on our website.
About the Land Trust Alliance
Founded in 1982, the Land Trust Alliance is a national land conservation organization that works to save the places people need and love by strengthening land conservation across America. The Alliance represents 1,000 member land trusts supported by more than 200,000 volunteers and 4.6 million members nationwide. The Alliance is based in Washington, D.C., and operates several regional offices.