June 22, 2022, 4:55 PM; Updated: June 22, 2022, 8:05 PM
A plan to curb tax-advantage land deals known as syndicated conservation easements was attached to a bipartisan retirement package advanced Wednesday by the Senate Finance Committee.
An amendment from Sens. Steve Daines (R-Mont.), Debbie Stabenow (D-Mich.), and Chuck Grassley (R-Iowa) targets deals in which promoters solicit multiple investors to buy land and donate the development rights to generate tax deductions. The IRS has long considered the transactions to be a form of tax avoidance, alleging that they typically rely on inflated land appraisals that result in tax benefits far greater than the actual investment.
