1. Conservation easements are a mechanism to restrict development on a property and are permanent in nature.
2. Landowners may be eligible for federal income tax deductions by placing a conservation easement on their property.
3. Conservation easements prohibit activities that undermine the conservation attributes of the protected land.
4. Rights reserved by grantors typically include non-commercial agriculture and forestry. 1. Conservation easement transactions can take various forms, including fundraising, grants, and donation.
2. Landowners who donate or sell easements may qualify for a federal income tax deduction if they comply with the Internal Revenue Code and Treasury Regulations.
3. Conservation easement deeds seeking a tax deduction are more complex and are carefully scrutinized by the IRS, requiring legal counsel experienced in conservation easement tax issues.
4. Amendments to conservation easements are not encouraged and are carefully reviewed. Most modern easement deeds contain amendment clauses defining when amendments can be considered.
5. Under New Hampshire law, conservation easements are considered charitable trusts and fall under the jurisdiction of the Director of Charitable Trusts in the office of the Attorney General.
6. Any amendment of a conservation easement requires review by the Director of Charitable Trusts, and they have published guidelines for amending or terminating conservation easements as a helpful tool for landowners and the easement holder. – Certain easement amendments, such as those involving complex issues or potential harm to conservation purposes, require court approval under the doctrine of cy pres.
– Termination of a conservation easement, in whole or in part, also requires court approval.
– The recently adopted CTU regulations (specifically Jus 416) provide further guidance on amending conservation easements.
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