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Charitable tax breaks for building exteriors

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in Small Business Tax

Q. I am a CPA subscribing to your newsletter. You covered the 2006 Pension Protection Act changes. Can you clarify whether charitable façade easements will benefit from the 15-year carry-over and the 50 percent AGI limit for other conservation easements?

A. Although the interplay among all the provisions in the new pension law isn’t entirely clear, it appears that a façade easement otherwise meeting the requirements for a qualified conservation contribution should be eligible for enhanced tax breaks. That includes an increase in the deduction limit from 30 percent of AGI to 50 percent of AGI and extension of the five-year carry-over period to 15 years.

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