Daines’ bill targets tax schemers manipulating conservation program
U.S. SENATE — U.S. Senator Steve Daines today released the following statement after the Internal Revenue Service (IRS) released data showing that more than 1,500 investment advisers facilitated the erroneous payout of more than $1 billion in taxpayer dollars to their clients by manipulating a program intended to incentivize conservation.
Daines recently sponsored the bipartisan Charitable Conservation Easement Program Integrity Act, legislation that would crackdown on the 1,500 investment advisers whose actions threaten the long-term sustainability of the Charitable Conservation Easement Program, a critical conservation program used in Montana.
“Protecting and appreciating our outdoors is part of Montanans’ DNA,” said Daines. “We must ensure the integrity of our conservation programs is protected so that taxpayers are not taken an advantage of and future generations can enjoy our outdoors for years to come.”
Current law allows taxpayers who place their property into a conservation easement to receive a tax deduction for the market value of the land. This encourages land conservation for the public’s enjoyment. Senator Daines cosponsored the Conservation Easement Incentive Act of 2015 during the 114th Congress to permanently increase the deductible amount to 100 percent of the land value.
The Charitable Conservation Easement Program Integrity Act would prevent dishonest investment firms from manipulating the charitable conservation deduction through the use of inflated appraisals to turn a profit on the backs of taxpayers.
To read the full text of the bill, click HERE.