Recent Changes to Georgia Tax Credit

During the recent session of the Georgia General Assembly, several changes were made to the statute regarding income tax credits for donors of conservation easements. The changes include the following:

Increased the carry forward period from 5 years to 10 years.

Added an allowance for partnerships to receive up to $1 million in tax credits in addition to the $250,000 allowed for individuals and $500,000 for corporations. The amount of the credit is limited to 25% of the fair market value of the land capped at the above amounts depending upon the entity making the donation.

The fair market value of the land must be determined by appraisals that meet the requirements of Section 170 of Title 26 of the United States Code.

Added a penalty for appraisers who make a substantial valuation misstatement in which the appraiser values the land at 150% or more of the actual value, knowing that the land will be used in a conservation easement.

Added the Federal Government as an entity who can recieve donations.

Restricted the donation of any tax parcel to one donation per year.