Cantwell Announces Passage of Habitat and Land Conservation Bill

Press Release

Cantwell Announces Passage of Habitat and Land Conservation Bill

Bill would provide tax incentives for farmers, ranchers, and private landowners who aid in recovery of endangered species

Friday, Senator Maria Cantwell (D-WA) announced committee passage of a bill that provides tax incentives for farmers, ranchers and private landowners who voluntarily put conservation easements on their property or aid in the recovery of endangered or threatened species. The Habitat and Land Conservation Act of 2007 passed unanimously by a voice vote in the Senate Finance Committee this morning. Cantwell is a member of the Senate Finance Committee.

"This bill will give farmers and landowners a much-needed break to preserve their land and the critical wildlife living there," said Cantwell. "Not only is this smart environmental policy, but also smart growth policy because it allows our economy to expand while paying proper attention to habitat and land conservation. I understand the difficulties facing our farmers today and giving them the opportunity for a tax cut is key to ensuring thriving farms, environment, and wildlife."

The tax incentives in the bill include:

* Conservation Easements: Easements are legally binding agreements to limit certain types of uses of the land or prevent the development from taking place on a piece of land in order to protect the land's ecological values. The bill makes permanent current capital gains tax incentives for farmers, ranchers and other eligible taxpayers who establish conservation easements.

* Tax credit for recovery and restoration of endangered species: The bill establishes tax credits for taxpayers who take voluntary measures to help protect and restore the habitats of threatened or endangered species. Taxpayers will develop a management plan with the Secretary of Interior or other agency detailing the schedule, deadlines, monitoring and assistance of each specific recovery program.

* Deduction for endangered species recovery expenditures: Establish a tax deduction for the cost of specific actions recommended in habitat recovery plans approved under the Endangered Species Act taken by taxpayers.

* Exclusion for payment and programs related to fish and wildlife: Allow taxpayers to exclude from taxable income any payments received from the federal government under certain cost-sharing fish and wildlife conservation programs.

* "Brownfields" cleanup costs: Extend a provision to allow taxpayers to fully deduct the costs of environmental cleanups in the year the costs are incurred. Estimated revenue effect: costs $630m/10 years

The bill is supported by environmental and wildlife groups including the Defenders of Wildlife, Environmental Defense, National Wildlife Federation, American Farm Bureau, American Forest and Paper Association, and the National Endangered Species Act Reform Coalition.

The legislation approved by the committee will next move to the Senate floor.

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