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Legislative Year: 2024 Change
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Bill Detail: SB24-126

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Title Conservation Easement Income Tax Credit
Status Signed by the Speaker of the House (05/13/2024)
Bill Subjects
  • Fiscal Policy & Taxes
House Sponsors M. Lynch (R)
M. Lukens (D)
Senate Sponsors F. Winter (D)
P. Will (R)
House Committee Agriculture, Water and Natural Resources
Senate Committee Agriculture and Natural Resources
Date Introduced 02/06/2024
Summary

Under current law, the conservation easement oversight
commission (commission) and the certified holder program (program) are
repealed on July 1, 2026. The bill eliminates the repeal dates to extend the
commission and program indefinitely.
There is currently a cap of $45 million for the total value of
conservation easement income tax credits (credits) that may be claimed
by and credited to donors of a conservation easement in one calendar
year. Credits filed after the cap is reached are placed on a wait list for the
next calendar year. The bill increases the cap to $75 million beginning in
calendar year 2025.
Current law provides that partnerships, S corporations, or other
similar entities (pass-through entities) may not be transferees of a credit.
The bill allows pass-through entities to be transferees of a credit
beginning on January 1, 2025. The bill also allows insurance companies
to purchase credits to offset insurance premium taxes.
Currently, a credit may be transferred once, in whole or in part,
from a donor to a transferee. The bill allows a transferee to transfer a
credit to a subsequent transferee beginning with the income tax year
starting on January 1, 2025.

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Fiscal Notes Fiscal Notes (05/06/2024) (most recent)  
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