Via the National Trust for Historic Preservation:

The Congressional Joint Committee on Taxation (JCT) has issued a report recommending changes to the tax code that, if adopted, would largely dismantle the federal tax incentive for conservation and preservation easements. The JCT proposal would severely weaken, if not effectively end, tax incentives that have been used for more than a quarter of a century to protect historic structures, landscapes, and battlefields, and to conserve farmland, forest land, and open space for public benefit. 

The JCT recommendations would eliminate any conservation easement on any property used, in whole or in part, as a personal residence by the donor or a member of the donor’s family, or to which the donor has such a right of use. Furthermore, the proposal would slash deductions for any other preservation or conservation easement by two thirds. These changes in the tax law would largely eliminate the economic value of the deduction and would threaten the broad use of conservation easements as a historic preservation and land conservation tool.

For more information and to take action, please visit the National Trust’s Advocate Better Policies Center.