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An Act To Expand Tax Incentives for Conservation Easements
Be it enacted by the People of the State of Maine as follows:
Sec. 1. 36 MRSA §5122, sub-§2, ¶Y  is enacted to read:
 
Y.  To the extent included in federal adjusted gross income, an amount equal to the deduction for a qualified conservation contribution allowed under the provisions of Section 170 of the Code as of January 1, 2007 without regard to any federal expiration dates that apply to that Section.
Sec. 2. Application date. This Act applies to tax years beginning on or after January 1, 2007.
 
SUMMARY
This bill establishes an income tax deduction for contributions of conservation easements that qualify for a federal charitable deduction. This deduction continues under state law even if the federal deduction expires, as currently scheduled, at the end of 2007.