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Conservation easements provide an attractive mechanism for preserving open spaces and historic buildings. Although some landowners undoubtedly create conservation easements out of pure altruism, tax advantages play a significant role in the creation of most conservation easements. In Scheidelman v. Commissioner, NYLJ 6/23/14, the Second Circuit made it clear that taxpayers who create conservation easements are entitled to a deduction only if the transfer reduces the value of their remaining property.
Mechanics of the Conservation Easement
In New York, section 49-0305 of the Environmental Conservation Law authorizes creation of conservation easements, and exempts them from common law rules that might otherwise apply to creation of an easement. For instance, a conservation easement may be enforced even if it is not appurtenant to any land, and even if it does not touch or concern real property. The statute provides that only “a public body or not-for-profit conservation organization” may hold a conservation easement, and that the easement shall be “of perpetual duration unless otherwise provided” in the instrument that creates the easement.
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