Tax breaks for sea-side land owners
December 14, 2012 by Mark
Massachusetts residents who have land in a conservation area might be eligible for a new state tax credit when it comes time to change ownership.
In a new initiative, those who have parcels of land and enter into a conservation arrangement with the Buzzards Bay Coalition, or a similar type of property trust in the area, could apply for an income tax credit offered by the state of Massachusetts for as much as $50,000.
This is on top of incentives already offered by the federal government. This can affect those in the Seekonk area, and they could be alerted to the new tax credit via the work of brochure printers and distributors through direct mail targeting owners who have land in protected areas.
Land transactions in conversation areas can include gifts to the state or organization, conservation restriction, sale or disposal through an estate. The manner in which the land changes hands or changes status is not as important as the type of land. The objective is to permanently protect that parcel of land.
In order for residents to quality for income tax credits as it pertains to land conservation, the land must be certified by the Secretary of Energy and Environmental Affairs and proven to be worthy of protection because it provides potable water for certain populations, it is home to rare types of wildlife, it is unique for agriculture, or is a special forested area or has other cultural importance.
The Buzzards Bay Coal has availed their staff and volunteers to assist landowners in determining their eligibility and to assist in the application process. The state has already given the nod to 22 applicants, resulting in $976,000 in tax credits.